European Union needs clearer rules to combat money laundering in all EU states

The Vice President of the European Central Bank said on Tuesday that the European Union needed clearer rules to combat money laundering and that they should apply equally in all EU states.

"A higher level of harmonisation of the applicable rules in the form of a regulation should be considered", Luis De Guindos told EU finance ministers during a public debate in a meeting in Luxembourg, which follows a string of high-profile cases of money laundering at banks in the EU.

An EU regulation is directly applicable in the 28 member states, but EU rules against money laundering are currently defined in directives which give governments broad leeway in their application, which has resulted in different levels of enforcement and gaps in the EU framework.

(With inputs from agencies.)