EU should set up anti-money laundering body, publish fines – experts
26 Oct 2018

The European Union should set up a new agency to counter money laundering after a series of high-profile cases at banks bared weaknesses in the system, an influential think-tank said in a report, urging full disclosure of fines imposed on wrongdoers.

Over the last months, lenders in Denmark, Estonia, Latvia, Luxembourg, Malta, Spain, the Netherlands, Britain and Cyprus have been embroiled in money laundering scandals, with criminal schemes often executed through foreign branches within the EU.

Increased media attention to recent cases has pushed EU regulators to discuss limited changes to the bloc’s legal framework, but proposals to slightly increase the monitoring powers of the European Banking Authority (EBA) face opposition in some member states.

– By Francesco Guarascio, Reuters, 24 October 2018.

Link to Reuters.

Count this content towards your CPD minutes, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.