6 EU member states call for a new anti-money laundering supervisor

Tista' taqra bil- Malti.

Germany, France, Italy, Spain, the Netherlands and Latvia are pushing for the establishment of a new supervisory authority that would see a European anti-money laundering supervisor seeing over financial firms within the bloc.

The six member states in a joint statement said that the bloc needs a “central supervisor” to tackle the flow of dirty money within the bloc’s financial system.

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The proposal comes after banks were shut down over money laundering in Malta, Latvia and Cyprus. Banks in the Baltic and Northern European states were involved in laundering Russian money through the Estonian branch of Danske Bank.

The proposal is being made in the context, that national watchdogs have repeatedly failed at identifying and countering money laundering, the joint statement reads. In their proposal, the six Member States explained that the new supervisor could be a new body or an existing watchdog, the European Banking Authority (EBA).

The states also call for new anti-money laundering rules.