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EU to consider new supervisor in fight on money laundering
![EU to consider new supervisor in fight on money laundering](https://api.thelevantnews.com/uploads/2019/10/1080x1000-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.jpg )
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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