EU plan to tighten rules

Brussels – European Union (EU) regulators have drawn up a preliminary plan for a possible tightening of rules against money laundering after a series of high-level cases at the bloc’s banks, but do not envisage quick measures.

The plan acknowledges that “there may be gaps in the EU’s supervisory framework” to counter money laundering, but pushes back any meaningful action to late next year or beyond.

Currently, EU states are free to apply common rules against money laundering in different manners, a situation that has led to poor supervision in some cases. – Reuters