The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show.
FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. Picture taken February 19, 2020 REUTERS/Yves Herman
The proposal, still subject to changes, says the EU could set up by 2023 a common supervisory body in charge of carrying out inspections at banks and possibly empowered to impose sanctions and identify suspicious payments. Banks and other financial and tax firms will be obliged to scrutinise more closely their clients who have dealings with these countries. Companies in listed states are also banned from receiving new EU funding.
All countries but North Korea have committed to changing their rules in order to better tackle money laundering and terrorism financing.The EU listing left out Saudi Arabia, the current holder of the G20 presidency. The Saudis were included in an EU draft list last year until that document was struck down by EU governments after pressure from the oil-rich kingdom.
The new EU draft list largely reflects a listing compiled by the global Financial Action Task Force , which is the global standard-setter for efforts to curb money laundering.
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