The European Union is moving closer to handing new anti-money laundering (AML) powers to the European Banking Authority (EBA), as well as additional resources to meet the new mandate.
In his ‘State of the Union’ address today (September 12), EC president Jean-Claude Juncker announced the measures as part of a push to complete a European “security union”, which also includes tools designed to crack down on terrorism.
“The fight against money-laundering and terrorist financing is a priority for
- EC’s Cyprus ‘failure’ undermined Eurozone central bank independence – Demetriades
- Reserve management practices are splintering
- Female regulators increase stability of the financial system, IMF paper finds
- Booming US economy set against ‘fragile’ markets – BIS review
- BIS paper defends credit gap measure