The EU commission has said it will start consulting EU members about whether to create a new supervisor to oversee anti-money laundering or whether to give additional powers to the European Banking Authority (EBA). The Commission began discussions near the end of 2019 about new regulatory powers, but more information is expected to be announced soon.
The commission also wants to introduce new regulations to enhance enforcement across the EU.
The move comes in the wake of a number of high profile money laundering scandals in recent years, which have revealed the reluctance of certain member states to enforce within their jurisdictions and the failure of the EBA to act.
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