EU officials want prudential regulators to play a greater role in ensuring effective anti-money laundering supervision of financial institutions following a series of scandals in which European banks allegedly laundered billions of dollars for financial criminals. In a May 8 letter obtained by Politico, senior officials at the European Commission, the executive arm of the European Union, invited the bloc’s three prudential regulators and the European Central Bank to join a forum tasked with planning how to improve “practical coordination of AML supervision” of lenders and other financial institutions. Recent money-laundering incidents have precipitated bank collapses and exposed “clear links”...
The U.S. Treasury Department on Tuesday accused one of Latvia’s largest banks of having knowingly helped corrupt officials, arms traffickers and other criminals move profits through accounts held by foreign clients and anonymous shell companies.
Financial investigators in Malta are sifting through transactional records, internal emails and other data at Pilatus Bank for evidence of money laundering and other illicit activity, a senior regulator told European lawmakers Tuesday.
Members of the European Commission issued a letter to the European Central Bank, European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority stressing the need to strengthen anti-money laundering oversight.