EU Embarrassed by Lack of Money Laundering Control Within Europe

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European governments are considering the new anti-money laundering regulations. More stingent precautionary measures were caused by alleged law violations at two banks. The need for new regulations was caused by the collapse of the Latvian bank ABLV in February and the freezing of operations at Pilatus Bank in March due to allegations of money laundering.

The head of eurozone banking supervision Daniele Nouy called this situation ‘very awkward’, as violations were discovered by US authorities, and not by EU representatives. ‘The EU states agree that the existing provisions on combating money laundering are inadequate,’ said one of the officials. He also added that last week the EU envoys discussed issues related to the preparation of the finance ministers meeting.