EU to consider new supervisor in fight on money laundering

EU to consider new supervisor in fight on money laundering
October 3, 2019, 8:10 am

The bloc’s finance ministers will therefore discuss at a meeting on Oct. 10 whether a single supervisor could be a solution. (File photo AP)

Banking scandals and growing crypto currency use have prompted European Union finance ministers to consider setting up a bloc-wide supervisor on money laundering at a meeting next week.

EU regulators were caught off guard last year by one of the largest money-laundering scandals ever, involving some 200 billion euros ($219 billion) in suspicious payments, between 2007 and 2015, through Danske Bank’s tiny Estonian branch.

Despite several anti-money laundering overhauls, the bloc remains vulnerable, mostly because rules are applied less strictly in some of the 28 EU states, the European Commission, the bloc’s executive arm, said in a report in July.

The bloc’s finance ministers will therefore discuss at a meeting on Oct. 10 whether a single supervisor could be a solution, a document published on Wednesday said.

Reuters,

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