Banking Law News

Europe’s Money-Laundering Crackdown Is Expanding Beyond Banks

Dec. 23, 2019, 5:00 AM

A new front is opening up in Europe’s battle with money laundering.

After dirty-cash scandals involving hundreds of billions of euros rocked some of the continent’s biggest banks, the Baltic region -- where one of the the biggest cases yet erupted -- has begun a fresh clampdown.

This time, the target is payment-service providers, which as well as facilitating e-commerce often help people send money around the world at low costs. The risk is that criminals use them to conceal illicit transactions while scrutiny is focused on traditional banks.

The danger was flagged earlier this year by officials from the...

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