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Report: EC to push for tougher money laundering rules in 2019


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Report: EC to push for tougher money laundering rules in 2019

The European Commission is already working on beefing up the "quick-fix" proposals from September aimed at enhancing the supervision of banks' conduct, London's Financial Times wrote Dec. 28, citing Valdis Dombrovskis, the EC's vice president of the euro.

In November, EU member states backed the plans which will give the European Banking Authority more power to coordinate national banking regulators.

The measures will spur convergence of supervisory standards across the bloc. However, there is scope to go further and the EC is looking at "more long-term, more structural solutions" to propose to governments in 2019, Dombrovskis told the FT.

Dombrovskis said the recent money laundering scandals came to light from across the bloc instead of just from a few countries, spurring the EC into action, the report added. He said the real issue is whether money laundering regulation is uniformly implemented throughout the EU.

It is "clear that there is an enforcement problem," Dombrovskis said.