Individual staff should be fined up to €5 million and firms, such as banks, should be fined 10 percent of turnover if they flout anti-money-laundering rules, the European Commission has proposed.
It put out its latest bill on the subject with little fanfare in Strasbourg on Tuesday (5 February).
But its communique noted that the criminal practice, worth up to €1.2 trillion a year worldwide, creates "high risk ... to the stability of the financial system."
One of the bill'...
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Already a member? Login hereAndrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.
Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.