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EU needs an anti-money laundering watchdog, German regulator says

A separate EU anti-money laundering authority will be the best solution for preventing such crimes in the bloc's financial sector, Felix Hufeld, head of German financial supervisory authority Bafin, said at an event Jan. 16, Handelsblatt reported.

It would be wrong to extend the powers of the European Banking Authority for the purpose of fighting financial crime because it goes against the principle of the separation of powers to give one authority both rule-making and rule enforcement duties, Hufeld noted.