Tuesday, December 1, 2020

EU finance ministers agree to central anti-money laundering body

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European Union finance ministers agreed on Tuesday to set up an EU body that would fight money laundering across the 27-nation bloc, supporting a European Commission proposal from May.

The council of finance ministers also gave their backing for the Commission to harmonise EU anti-money laundering rules and provide coordination and support for national Financial Intelligence Units of EU countries.

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The Commission is to present legal proposals to turn that agreement into reality in the first quarter of next year.

“The Council supports setting up an EU-level supervisor with direct supervisory powers over a selected number of high-risk obliged entities, as well as the authority to take over supervision from a national supervisor in clearly defined and exceptional situations,” the ministers said in a statement.

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