European Union Will Tighten Anti-Money Laundering and Financial Enforcement

On November 21, 1993, the European Union finance ministers reached tentative agreement on proposals to enhance the powers of bank supervisory authorities in the aftermath of the scandals and collapse of the Bank of Credit and Commerce International. The finance ministers have reviewed proposals that would require strengthened supervision of all financial institutions, including banks, credit institutions, and insurance businesses. The new regulations would require transparent operations, thereby facilitating the review and ascertainment by regulatory authorities and auditors of the soundness of a financial institution, and, if necessary, prepare a case for intervention?[more]