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France and Germany Back EU-Wide AML Agency, Single Rulebook

By Koos Couvée

Proposals to centralize anti-money laundering supervision and enforcement in the European Union have gained further momentum after the bloc's largest economies backed most of the plan advanced by the Netherlands in July that outlines how such an entity could work in practice. On Friday, the finance ministers of France, Germany, Italy, Spain, Latvia and the Netherlands stated in a joint position paper that appointing the European Banking Authority or a new superagency to enforce uniformly applicable rules across the EU would create a "level playing" field for industry and allow the bloc to oversee banks directly if national supervisors fail...

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