05 Dec 2018
The Council of the European Union has adopted conclusions on an action plan aimed at improving the fight against money laundering and terrorism financing, amid a rise in the number of European banks mired in financial crime scandals.
The plan comprises non-legislative actions designed to address a number of issues, including identifying what factors contributed to the recent money laundering scandals in EU banks and also clarifying aspects related to the withdrawal of a bank’s authorisation regarding serious breaches.
Also included in the plan’s conclusions is the need to enhance supervision and the exchange of information between relevant authorities.
Commenting of the Council’s action plan, Vice-President Valdis Dombrovskis also stressed the need for improved supervision, saying:
“Europe has the strongest anti-money laundering rules in place. But recent cases in the banking sector showed that they are not always supervised and enforced with the same high quality standards across the EU.
“So we need to enable the European Banking Authority to make sure that different national supervisors cooperate and exchange information.”
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