12 11/2019
After high-profile money laundering scandals, the EU decided to tighten control in the banking sector

After high-profile money laundering scandals, the EU decided to tighten control in the banking sector

After banking scandals in Malta, Cyprus, the Baltic states and northern Europe, EU countries insist on tightening money laundering control

In a joint statement, the EU’s leading countries said that 28 EU countries needed a “central controller” in the block’s financial system to solve the problem of dirty money, the internationalinvestment.net said.

Where major financial interests are at stake, there is a risk that national supervisors will be directly or indirectly affected by controlled institutions or interest groups,” the statement said.

Картинки по запросу money laundering eu

Image: EPP Group

Germany, France, Italy, Spain, the Netherlands and Latvia said the new supervisor could be a new body or an existing supervisory body of the European Banking Authority (EBA), which needs to be tightened.

This happened after European banks in Malta (Pilatus Bank), Latvia and Cyprus were closed due to money laundering. Banks in the Baltic states and Northern Europe were also involved in suspicious transactions worth billions of euros of post-Soviet dirty money through the Estonian branch of Danske Bank, which is considered the most widespread money laundering scandal on the continent.


Six countries also called for the adoption of new anti-money laundering rules, which will be the sixth revision of these provisions just a year after their last revision was agreed upon during the reform, which is now considered to be “ineffective”.

According to watchdog, one in five British law firms is unable to maintain adequate systems to prevent money laundering amid government warnings that fraudsters are being targeted by lawyers.

Image: coe.int
Performed by IVC