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 EU’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).
The EBA is advising the EU on how to set up a new supervisor to crack down on dirty money.
EU states currently have room to interpret the rules as they have been transposed into 27 sets of national laws, leading to differences in how regulators check that banks have proper controls.
The original full article can be found at reuters.com
(Photo: REUTERS/Yves Herman)