21.11.2019. EU states push for money laundering supervisor after scandals

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Germany, France, Italy, Spain, the Netherlands and Latvia are pushing for the establishment of a new supervisory authority that would take over from national oversight of money laundering at financial firms after a series of scandals with European banks.
In a joint statement is written that he 28-country EU needed a “central supervisor” to tackle the flow of dirty money within the bloc’s financial system.
Where large financial interests are at stake, there is a risk of national supervisors being influenced directly or indirectly by supervised institutions or interest groups,” the statement said.
The move comes after European banks in Malta (Pilatus Bank), Latvia and Cyprus were shuttered over money laundering activities. Banks in the Baltic and Northern Europe were also involved in suspicious 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.