Demetriades says EU-level AML enforcement vital to tackle ‘security risk’

Move would complement pan-European banking union and security frameworks

Money laundering

The European Union needs to set up a centralised anti-money laundering (AML) enforcement authority as a vital part of its effort to move towards European banking union, says the former governor of the Central Bank of Cyprus who was also a member of the governing council of the European Central Bank (ECB).

Panicos Demtriades, whose term in office from 2012–14 was marked by frequent clashes with the government of Cypriot president Nicos Anastasiades, believes centralising authority for AML

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