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 editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.
Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.