Brussels plans new money-laundering crackdown

Brussels has redoubled efforts to combat money laundering and terrorist financing with proposals to give the European Banking Authority (EBA) a powerful new mandate to impose sanctions directly on the banks of member states.

A series of measuresthat would make Europe’s banking supervisor the ultimate arbiter in the most serious cross-border money-laundering cases were announced to coincide with the European commission president Jean-Claude Juncker’s annual state of the union speech on Wednesday.

Europe is under pressure to respond following a series of recent scandals including the collapse of ABLV Bank in Latvia and the freezing of assets at Pilatus Bank in Malta following allegations of sanctions busting by its Iranian owner.

Investigations such as the Panama Papers and the Global Laundromat series, which revealed the movement of $21bn (£16bn) in dirty funds from Russia, have underlined how

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