EU Watchdog To Step Up Fight Against Money Laundering
Law360, London (October 10, 2019, 4:05 PM BST) -- Europe’s banking watchdog said Thursday that it will strengthen its oversight over the next year of how successful national supervisors are at fighting dirty money in their country, following criticism that the European Union authority has limited power.
The European Banking Authority said it will tackle deficiencies that it spots in national regulators’ prudential supervision of money laundering risks. The EU watchdog said it will set up a committee of national supervisors in charge of implementing anti-money laundering measures to ensure that they are doing this consistently across the bloc.
EU lawmakers awarded the EBA the post of Europe’s top anti-money...
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