The European Central Bank board member Benoit Coeure called for a dedicated EU anti-money laundering on Friday.
Following a series of scandals in the UK – the Netherlands, the UK, Malta, Latvia, Estonia, and Denmark – Coeure called for a “harmonized” and “coordinated” approach against financial crime.
Addressing the press in the context of the Eurogroup meeting in Vienna on Friday, Coeure talked about plans for a dedicated EU agency in the long run. In the short run, he talked “shared responsibility” to do more than is currently being done.
The President of the Eurogroup, Mario Centeno, expressed the hope for a concrete set of policy proposals by the end of the year, so that action may be taken before the European elections of May 2019. Actual legislation is not expected before a new European Parliament and European Commission come into office in the autumn of 2019.
Last week the Dutch lender ING agreed to an out-of-court settlement with the public prosecutor, facing money laundering charges. The Dutch lender will pay €775m – €675m and repayment of €100m – admitting failure to monitor capital movement effectively.
The prosecutor accuses ING of allowing clients to move millions without flagging suspicious transactions from 2010 to 2016. As a result, ING also stands to lose its role as the official bank of the city of Amsterdam, Financieele Dagblad reported on Monday.
Meanwhile, Italy scaled up measures against corruption and money laundering last week. Last Thursday, the new government introduced a bill that will prevent anyone convicted of corruption from ever running for public office or bidding for a public contract.
The law also introduces undercover agents in the fight against financial crime, as well as a series of measures to ensure transparency in party financing.
The so-called “bribe destroyer” (spazzacorrotti) bill is meant to be the first in a series of measures against corruption.