The European Union's largest states are pushing for the establishment of a ...
BRUSSELS - The European Union’s largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc’s banks.
The move comes after European lenders were shut down over money laundering in Latvia, Malta and Cyprus, while top banks from the Baltic and Northern Europe were involved in dodgy transactions worth billions of euros of Russian dirty money through the Estonian branch of Danske Bank, in what is seen as the worst money-laundering scandal on the continent.
The six countries said the new supervisor could be a new body or an existing watchdog, the European Banking Authority , which would need to be beefed up. The move marks a major shift in Germany’s position. While France, Italy and Spain have been calling for months for stronger rules against money laundering, Berlin had opposed more ambitious changes in recent overhauls.
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