Thursday, December 3, 2020

European Banking Authority calls for streamlined anti-money laundering rules

-

The European Union should create a single set of rules that are binding on member states to deal more effectively with money laundering and terrorist financing, the bloc’s banking watchdog said on Thursday.

The European Banking Authority (EBA) said strengthening EU laws would plug gaps and tackle divergent national approaches to applying the bloc’s existing rules on money laundering (ML) and terrorist financing (TF).

- Advertisement -

EU states currently have room to interpret the bloc’s rules as they have been transposed into 27 sets of national laws.

A directly binding single EU regulation would stop national practices that have had a significant adverse impact on preventing the financial system from being used for ML/TF purposes, the EBA said in a statement.

- Advertisement -

Such binding regulation would then mean that cooperation and information exchange across the EU single market “is no longer the exception, but the rule”, the EBA said.

It would also make the “effective and efficient” operation of a future EU-level supervisor for anti-money laundering and countering terrorist financing possible, it added.

MUST READ

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

- Affiliate Products -

Advertisement

Latest News

This Week

Swiss court orders Societe Generale to return $150m of Allen Stanford Ponzi cash

Societe Generale SA was reprimanded by a Swiss court and ordered to give up $150 million deposited by convicted fraudster Allen Stanford that it...

Sierra Leone’s former president Koroma faces corruption, money laundering allegations

Sierra Leone’s former president Ernest Bai Koroma was interrogated by lawyers acting for the country’s Anti-Corruption Commission (ACC), after the publication of a Government...

Indonesian Fisheries Minister Edhy Prabowo arrested over corruption in lobster seed export case

Indonesia's Fisheries Minister Edhy Prabowo faces up to life in jail after being arrested by the country's Anti-Corruption Commission over lobster larvae export permits. The...

Texas AG Ken Paxton accused of corruption fires another whistleblower

The Texas attorney general’s office has fired the last remaining whistleblower who alleged Ken Paxton broke the law in doing favors for a political donor —...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    OK No thanks