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EU agrees banking supervision through EBA against money laundering


Devdiscourse News Desk Brussels
Updated: 19-12-2018 17:00 IST
EU agrees banking supervision through EBA against money laundering

Under the agreed text, as a last resort, if national authorities do not act, the EBA would be able to directly force individual banks to take measures against money laundering. (Image Credit: Pixabay)

European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision through the European Banking Authority (EBA), an EU statement said on Wednesday.

Under the agreed text, as a last resort, if national authorities do not act, the EBA would be able to directly force individual banks to take measures against money laundering.

(With inputs from agencies.)