Brussels seeks to tighten the powers of EU agencies in combating money laundering and the financing of terrorism.
The European Commission intends to grant the European regulator − the European banking Association (EBA) − additional resources to investigate the movement and laundering of criminal cash flows. Reported by the Financial Times, citing senior officials of the EC.
The Commission also intends to give the newly-formed office of public Prosecutor of the EU the right to initiate 2025 cases of terrorist financing.
Both initiatives strengthen the powers of the EU in the fight against money laundering followed reports that in one year, using the Estonian branch of Danske Bank took at least $ 30 billion from Russia and other CIS countries.
At the moment, certain rights of inspection of banks on money laundering uses the ECB. In addition, the responsibility for combating money laundering rests largely on national regulators.
Now, according to the plans, the European Prosecutor’s office will be able not only to investigate financial crimes associated with the use of the budgets of European countries, but also to start criminal prosecution.
To date, such a proposal was agreed on 22 of the 28 EU countries.
For a final decision to expand the responsibilities of the two Supervisory bodies requires the consent of all members of the Union.
We will remind, in February of 2018 in Latvia there was the scandal around the laundering of money in one of the largest banks in the country ABLV. In the end the US and the ECB has achieved its closure, but authorities have forbidden banks to cooperate with companies which are not engaged in real economic activities.
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