News

Senior regulators from financial crime-plagued Malta and Estonia on Wednesday appeared to back the creation of a centralized authority to enforce anti-money laundering rules across the European Union. Recent money-laundering scandals in which billions of dollars in suspicious funds flowed into and through banks in Latvia, Malta, Estonia, Denmark and Sweden have laid bare the uneven supervision and enforcement of AML rules across the bloc and the challenges national authorities face in tracking cross-border transfers of illicit cash. Attacking the problem at the EU level could help address the issue by offering national supervisors and financial intelligence units a broader...