Scarred by Malta, Latvia and Cyprus, bigger EU states push for money laundering supervisor

The Malta Independent | Nov 10, 2019 at 8:30 AM
  • Germany, France, Italy, Spain, the Netherlands and Latvia joined forces on Friday to demand that the European Union establishes a new supervisory authority to take over from national oversight of money laundering at financial firms after a series of scandals lashed the bloc.
  • The long-expected move comes after European banks in Malta (Pilatus Bank), Latvia and Cyprus were shuttered over money laundering activities.
  • Italy and Spain have been calling for months for stronger rules against money laundering, Berlin had opposed more ambitious changes in recent overhauls.