European Banking Authority would get mandate to impose sanctions directly on banks

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.

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