Europe: EU executive proposes anti-money laundering body

The European Commission is considering creating a new authority to police financial crime and monitor banks more strictly, it said on Thursday, confirming a Reuters report.

In an action plan sent to the EU’s 27 governments, the Commission, the EU executive, said the Union needed a system to tackle money laundering and financial crime with an EU-level supervisor.

“An integrated system should be put in place,” said the document made public on Thursday. The Commission said however that it must first conduct an assessment of the possible impact of such a scheme.

Any EU-level supervision could be run out of the European Banking Authority or done by “a new, dedicated body”, the Commission said.

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(Photo: REUTERS/Yves Herman)

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