The European Council agreed recently to give greater supervisory powers to the European Banking Authority, ending a year defined by lender scandals with a plan to prevent money laundering. Newsletter Sign-upThe European Council first rolled out its proposals in September. The European Union also earlier this year approved its fifth anti-money-laundering directive, requiring member states to implement new rules by 2020. Meanwhile, Latvia’s ABLV Bank AS liquidated itself following U.S. allegations of money laundering, bribery and sanctions violations. “The uncomfortable truth is that some member states will continue to be gateways into the EU financial system for proceeds of crime,” he said.

Source: Wall Street Journal December 27, 2018 15:56 UTC