Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Will the EU improve its monitoring of money-laundering threats?

Jaclyn Jaeger | December 27, 2018

The European Union said it is stepping up the fight against illegal cash by enhancing monitoring of money laundering and terrorist financing threats at the EU level. EU ambassadors on 19 December 2018 agreed to give the European Banking Authority (EBA) more power over anti-money-laundering (AML) supervision for financial institutions.

“Money laundering and the financing of terrorism are major security concerns. The EU has a solid legal framework to clamp down on illegal cash flows, but further efforts are needed to make sure that rules are implemented and monitored in a consistent way across the EU,” Hartwig Löger, minister for finance of Austria, which currently holds the presidency of the Council of the European Union, said in a statement. “The European Banking Authority has a crucial role to play in that regard...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.