News

The incoming director of the European Banking Authority, or EBA, said Monday that his agency could serve as an "incubator" for the EU's planned, bloc-wide anti-money laundering supervisor but may be ill-equipped to host it permanently. A series of money-laundering scandals, especially in the Baltics and Malta, highlighted the limits of the European Union's current AML framework, whose uneven implementation and enforcement by EU nations prompted the bloc's executive arm, the European Commission, to draw up plans last month for a potential bloc-wide supervisory agency. Officials have yet to determine how much authority they would grant the agency, which sectors...