EU Bank Watchdog Calls For Tougher 'Dirty Money' Regime

Law360, London (September 5, 2019, 2:21 PM BST) -- Tougher rules are needed to ensure that national regulators consistently enforce money laundering regulations across the single market, Europe’s banking watchdog said Thursday, after criticism that its limited powers could hamper the fight against dirty money.

Jose Manuel Campa, chairman of the European Banking Authority, called for a Europe-wide regulation that will allow the bloc’s national regulators to properly investigate and sanction lenders they suspect of laundering funds or financing terrorism.

A blocwide regulation would compel domestic watchdogs to directly enforce the rules, leading to a consistent approach across the EU, Campa said. The existing approach, based on directives, means member states can...

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