EU banking watchdog calls for single set of anti-money laundering rules
11 Sep 2020

The European Union should create a single set of rules that are binding on member states to deal more effectively with money laundering and terrorist financing, the bloc’s banking watchdog said on Thursday.

The European Banking Authority (EBA) said strengthening EU laws would plug gaps and tackle divergent national approaches to applying the bloc’s existing rules on money laundering (ML) and terrorist financing (TF).

EU states currently have room to interpret the bloc’s rules as they have been transposed into 27 sets of national laws.

A directly binding single EU regulation would stop national practices that have had a significant adverse impact on preventing the financial system from being used for ML/TF purposes, the EBA said in a statement.

By Huw Jones, Reuters, 10 September 2020

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