EU Needs Clearer Rules to Oppose Money Laundering

Forex News

The European Union is grappling with high-profile cases of money laundering at banks in member states, including Estonia, Denmark, the Netherlands, Luxembourg, Malta and Latvia, which have exposed serious gaps in the EU's framework to fight the issue. Luis de Guindos (European Central Bank Vice President) stated today, that the European Union needs clearer rules to combat money laundering that would apply equally to all EU countries.

"A higher level of harmonisation of the applicable rules in the form of a regulation should be considered," de Guindos told EU finance ministers during a public debate in Luxembourg. Many confirmed their scepticism to this statement of Guindos and to a European Commission plan to strengthen common supervision against money laundering.

Earlier, the European Central Bank has called for such an organization which would mirror the monitoring it does on banks' financial stability. France backed the initiative, but many states urged further talks and Hungary opposed any proposal that would reduce national powers.