European finance ministers support the European Commission’s proposal to set up a European supervisor to combat money laundering and terrorist financing. None of the 27 member states is opposed to it, insiders say after a video meeting of ministers. The EU countries emphasize that national supervisors must remain sufficiently involved.
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The European supervisor should be off the starting blocks in 2024. Member States have yet to determine where the Anti-Money Laundering Authority or AMLA will be headquartered. Some twenty Member States would show an interest in this.
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An estimated one percent of the total European gross national product would be laundered in the EU every year, European Commissioner for Financial Stability Mairead McGuinness said during the video conference of finance ministers on Monday.
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Loops in the net
The European Union already has strict rules against money laundering, but there are still too many loopholes that organized crime takes advantage of. The Commission wants to close those loopholes with a package of measures, of which the AMLA is part. New rules will also be introduced to encourage cooperation between national supervisors. The AMLA would have the power to fine banks and companies if they violate the rules to prevent money laundering.
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