Accountancy Daily on 1st October reported that the European Commission is planning to tighten up the rules on supervision of EU financial institutions to combat money laundering amid criticism some Member States are failing to enforce the rules effectively.  It says that the Commission will amend the 5th AML Directive to give the European Banking Authority (EBA) more powers to reinforce the AML supervision of the financial sector.  It will also require different supervisory bodies to co-operate and exchange information, so that AML rules are enforced effectively across EU countries.  The EBA will also be given the powers to instigate investigations into alleged breaches of the rules.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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