Commission Calls for EU Crackdown on Money Laundering

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EU watchdogs should get greater clarity on the powers to strip lenders of their banking licenses if they are found to be in breach of money-laundering rules, the European Commission said.

The EU’s executive arm made the call in a letter — obtained by POLITICO — to the bloc’s three watchdogs and the European Central Bank, signed by Vice President Valdis Dombrovskis, his Dutch peer Frans Timmermans and Justice Commissioner Věra Jourová.

The letter stresses the need to strengthen the prudential oversight by the bloc’s financial supervisors to curb money laundering, following a string of money-laundering scandals in the eurozone this year in countries like Latvia, Estonia and Malta.

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