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...
Eliminating variances in anti-money laundering rules and supervision in the European Union requires a regulation that would apply uniformly across the bloc's 28 member nations, and an EU-level agency to ensure compliance, according to officials.
EU officials are considering creating a European financial intelligence unit to more effectively combat cross-border criminal activity as part of a wider plan to centralize and harmonize anti-money laundering supervision in the bloc, a draft document shows.
Europe's largest banking lobbyist on Tuesday pitched 20 proposals for revitalizing the EU's campaign against illicit finance, including plans to enhance cross-border and bank-to-bank exchanges of financial intelligence and know-your-customer data.