Brussels strengthens its anti-money laundering system

The Commission wants to create a European authority to better fight against dirty money and terrorism.


The European Union wants to step up the fight against money laundering. Despite a legislative framework that is regularly revised, scandals continue to erupt, from the Danish Danske Bank, via the German Deutsche Bank, the Dutch ING or the Maltese Pilatus Bank. In question ? Poor implementation of rules by Member States. To put an end to this failure, the Commission is changing its approach. No more attempts at coordination, make way for common rules and a European supervisory authority.

To harmonize the rules, the Commission is proposing a regulation bringing together all the current directives, which leave too much flexibility to the capitals in the interpretation. By opting for a settlement, all provisions will become fully binding on the Twenty-Seven. A way of closing the door to differences between national laws, and to overly lax interpretations. According to the Commission, 23 Member States are not applying correctly

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