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Waging the war against money laundering are missing the real targets.
The European Commission wants to give the European Banking Authority (EBA) powers to ensure money laundering is investigated more consistently (tinyurl.com/EU-8453). This move could allow the EBA to ask national anti-money laundering supervisors to investigate suspected laundering and take specific action. There are also plans for national anti-money laundering supervisory authorities improved information sharing and enhanced co-operation with non-EU countries on cross-border cases.
Could this bring results? Possibly. But it ignores the huge money laundering elephant in the EU’s room. The elephant will tell anyone who will listen that if every bank and enforcement agency was genuinely concerned about money laundering we wouldn’t have the need for constant EU handwringing and proposals. But instead we have an endless procession of procedures and tough talk. And all the while the examples of unchecked money laundering on a vast scale keep coming to light.
