EU states back stronger money laundering monitoring of banks
14 Nov 2018

European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision, but do not address key loopholes, documents show.

A series of money-laundering cases at banks in several EU states have forced regulators to act after public outcry.
The preliminary deal, which could be finalised before EU finance ministers are due to meet in December, confirms proposals made by the European Commission in September to give more powers to the European Banking Authority (EBA).

However, it does not address loopholes that give states large discretion on imposing sanctions or the creation of a dedicated agency to counter money laundering at EU or euro zone level, as proposed by the European Central Bank.

– By Francesco Guarascio, Reuters, 13 November 2018.

Link to Reuters.

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