Anti-Financial Crime & Financial Crime Compliance
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Analysis & Opinion, Banking, Financial Services

PARLIAMENT DEBATE: Europe’s banks are acutely aware of responsibilities to stem money laundering; we can only hope EU’s new AML framework will ‘do exactly what it says on the tin’ to crack down on dirty money

The European Union has for years pledged to tackle money laundering and stem the flow of “dirty money”, yet recent breaches in anti-money laundering regimes in big name banks and financial institutions, has proved that the EU is not top of the class when it comes to tackling financial crime.

Speaking today, head of the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union, John Berrigan, admitted that recent “unfortunate events” have damaged the reputation of the European Union, and that it has been forced to confront “inefficient and fragmented systems, cooperation and intelligence” that has existed between Member States.

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