EU Must Bear Down On Money Laundering, Regulators Say
Law360, London (October 13, 2016, 9:57 PM BST) -- The European Union needs to be more rigorous in enforcing existing rules to combat money laundering and terrorist financing in the wake of the Panama Papers release, regulators told the European Parliament Thursday.
Current rules that force banks to provide information to police and prosecutors need to be more effectively implemented, regulators said at a public hearing of the EU's inquiry into the Panama Papers tax-avoidance scandal.
"The real challenge is in aligning and effectively implementing the comprehensive legislation we have," Isabelle Vaillant, director for regulations at the European Banking Authority, told lawmakers.
Vaillant appeared alongside other regulators before the EU's...
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