Tuesday, October 20, 2020

EU watchdog gains new powers to fight money launderers

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Member states on Monday (1 April) approved giving new powers to the European Banking Authority (EBA) to fight money laundering and terrorism financing, as part of an improvement of the European supervisory agencies (ESAs). Amid the growing number of money laundering scandals popping up across Europe, especially in Nordic and Baltic states, the EU decided to transfer more powers to the central authority in order to strengthen coordination.

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