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EU commission reports patchy anti-money-laundering rules enforcement



In the wake of a series of money-laundering scandals, the European Commission on Wednesday said that banks and national authorities were failing to fully implement EU rules.

In many cases, EU banks did not properly enforce rules, and in some cases they did not stick to them at all, the commission found in a report.

The effectiveness of national watchdogs was also mixed, according to the commission, particularly with regard to cross-border supervision of banks.

“We have stringent anti-money-laundering rules at EU level, but we need all member states to implement these rules on the ground,” Justice Commissioner, Vera Jorouva, said.

The EU executive’s findings come after high-profile money-laundering cases such as the one at Danske Bank.

Authorities in several countries are probing allegations of the laundering of billions of euros linked to Danske Bank’s non-resident portfolio in Estonia.

“The recent scandals have shown that member states should treat this as a matter of urgency,” Jorouva said, without naming any specific cases.