The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent.

Curbs should be more uniform across the EU and its framework for swapping financial intelligence is inadequate and must improve, the European Parliament’s tax crime committee added.

Europe has been hit by money laundering scandals in recent months, including a major one at Danske Bank’s, the collapse of Latvia’s ABLV Bank, the closure of Malta’s Pilatus Bank and a 775 million euro fine imposed on Dutch lender ING.

-By Teis Jensen, Reuters, 8 Feb 2019.

Link to Reuters