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That the EU is one step closer to creating a new EU authority to combat money laundering is "A step in the right direction for EU countries", says Richard Grint, financial crime expert at PA Consulting.
At Ecofin's most recent meeting, the EU's Ministers of Finance agreed to create a new EU authority to combat money laundering and terrorist financing. At a press conference after the Ecofin video conference, German Finance Minister Olaf Scholz said that the regulations in this area must also be tightened up and coordination between EU countries must be improved.
The decision follows a series of scandals over money laundering in the Baltics, involving Swedbank, SEB and Danske Bank.
Richard, an expert in tackling money laundering, welcomed the decision.
“It is a huge positive step on a broader EU level. Criminals are not limited by any national borders, so it is important that governments unite on the international stage,” he told Realtid.
Richard is leading the work on PA Consulting's Nordic report on the theme "Partners against crime", which emphasises the importance of cooperation between the private and public sectors.
“This is a development that is particularly positive for smaller EU countries such as Sweden - which will have access to intelligence, insight and expertise from across the EU that they would otherwise have missed. Cooperation is important in the fight against economic crime, both internationally and between the public and private sectors. The continuation of that trend is a step in the right direction for EU countries,” says Richard.
Valdis Dombrovskis, Vice President of the Commission, said that the Commission will return next year with concrete legislative proposals as part of an agreed action plan.
Dirty money is very mobile. That is why we must deal with the issue consistently at EU level, said the European Commission's First Vice-President Valdis Dombrovskis after the meeting.