EU banks will face money laundering action after cases in Malta and Latvia

EU banks will face money laundering action after cases in Malta and Latvia

By Francesco GuarascioBRUSSELS (Reuters) - European Union banks will face an anti-money laundering operation by the end of the year after allegations of irregularities in the ...

By Francesco GuarascioBRUSSELS (Reuters) - European Union banks will face an anti-money laundering operation by the end of the year following allegations of irregularities at two banks in Latvia and Malta, officials said.The collapse of the Latvian ABLV and the freezing of operations at the Pilatus bank in Malta have exposed flaws in recent revisions to anti-money laundering rules, which the EU now has 28 members trying to resolve.Both banks are at the heart of US authorities' money-laundering allegations, which euro-zone bank chief Daniele Nouy said has revealed a "very embarrassing" weakness in European supervision."There is consensus on the importance of improving the current monitoring of the implementation of anti-money laundering measures," said Mario Centeno, head of the Eurozone Eurogroup of Finance Ministers, in a letter to European Council President Donald Tusk earlier. from a summit on Friday.He said a report on strengthening oversight will be prepa...


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