Why Europe can’t stop money laundering
Money-laundering scandals have dealt another blow to the reputation of Europe’s financial architecture. Does the EU stand any chance of convincing the rest of the world that it is getting tough on financial crime and fixing the leaks in its system?
The recent wave of money laundering scandals has come as a big shock and embarrassment for Europe’s financial regulators. The truth is that European banks are far more afraid of the US authorities than those of their home countries.