The European Union is finally moving to seal a gaping chasm in the internal market’s institutional makeup, with a new anti-money laundering authority, and a common structure for financial intelligence-gathering.
In a sign of the political tests the new powers will face, the EU has already stopped short of what the European Parliament says is a vital third element – namely a financial police force with investigative capabilities.
The scandals have become so big and frequent in Europe recently that even Germany has signed up to the idea of a single supervisor for anti-money laundering controls.
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