EU addresses financial crime

European countries are expected to intensify their fight against money laundering under pressure from European Union control organs. Critical voices arose after the recent string of high-profile cases over money laundering and financial crimes, in which were involved Latvian ABLV, the Danish Danske Bank and the Dutch ING.

To the list of recent financial affairs joins the case of Maltese Pilatus Bank. Europe’s banking watchdog has backed a recommendation by the national financial regulator to withdraw its banking license following the indictment of its chairman for money laundering. The final decision from European Central Bank (ECB) whether to withdraw the license, is expected to be undertaken and published within the next few days.

Recent decisions of the European Banking Authority (EBA) indicate gaps in the EU legal framework to combat money laundering at banks and other financial institutions. The enforcement of the law among EU members is not enough to ensure the safety of funds and prevent the illicit operations in the European Banking Union. EBA is likely to increase their monitoring activity in the banking industry as well as for the real estate sector which is considered to be the second most exposed in the fraud chains.

AM, Verificators

- 27 września 2018 - EN