Money launderers are taking EU to the cleaners, experts say
Experts say the EU's efforts are simply no match for criminals who have seen through the lack of a centralised authority tasked with fighting fraud across the bloc
Sunday, September 30, 2018
European Union nations may boast the world's most stringent anti-money laundering rules, but recent scandals show that criminals are good at exploiting the bloc's Achilles' heel: A patent lack of coordination. "There are problems relating to coordination at various levels: at the national level, between prudential and anti-money laundering institutions, and between states and the European Union," said Laure Brillaud at Transparency International. The EU's parliament in August adopted a new anti-money laundering directive, a move the European Commission said would bring more transparency to improve the fight against money laundering. (See also: Danish banks in gigantic money-laundering scandal | Shameful September as money-laundering woes dog Europe's banks)
