The European Union said Thursday that it wants to boost the continent’s power to fight money laundering following a series of scandals that have made Europe a center of financial crime. A proposal laid out by Valdis Dombrovskis, vice president of the European Commission, the EU’s executive arm, calls for either a new supervisory body or new powers for the European Banking Authority, one of the bloc’s existing banking regulators. Member states had already given the EBA some autonomy to deal with the issue, but the commission...

Source: Wall Street Journal May 07, 2020 13:07 UTC