EU Sets Out New Plan To Clamp Down On Dirty Money

Law360, London (May 7, 2020, 2:01 PM BST) -- The European Commission on Thursday proposed setting up a common supervisor to fight money laundering, part of a broader plan to boost the continent's ability to catch criminal money flowing through the European Union's banking system.

The European Commission's executive vice president, Valdis Dombrovskis, has announced a six-point plan to combat money laundering, including a common EU rulebook to allow for more harmonized enforcement of rules by member states.

It also establishes a so-called blacklist for countries with weak money laundering controls, although that will not enter into force until October because of the coronavirus crisis.

The program would allow "no...

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