EU proposes sweeping anti-money laundering powers for watchdog

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September 12 2018

Brussels wants to hand an EU watchdog sweeping new powers to crack down on money laundering in the wake of a series of scandals have revealed criminals’ ability to exploit the banking system. The European Commission proposed on Wednesday that an EU-level agency should be able to pressure national banking supervisors to investigate allegations of laundering and, as a last resort, even give direct instructions to banks to crack down on flows of dirty money.