EU Finance Ministers to Seek Creation of Central Money Laundering Authority
In what could be seen by some as a somewhat revolutionary move, EU Finance Ministers have demonstrated a real sense of pragmatism by suggesting that a single, EU-wide oversight body be established to regulate financial institutions. At present, no such organisation exists and this has been much to the benefit of organised criminals who have sought – successfully in the main – to circumvent the current legislative framework.
Numerous EU Anti-Money Laundering Directives have referenced the need for greater cooperation between member states and establishing “an independent enforcement body with direct powers to oversee AML efforts among member-states” sounds more like evolution and possibly something that should have been considered by the EU a generation ago.
Given the conflagration that Brexit has become, it is impossible to say with confidence if or how this might affect the UK if they decide to part company with the EU, either on speaking terms or otherwise. Suffice to say that the UK will need to be involved in matters of financial crime concerning the world’s largest trading block irrespective of whether or not they are part of it.
This is a very positive move at a time when financial crime has never been more in the spotlight and it is refreshing to read some good news in the regard for a change.