European Council Approves 'Quick Fix' AML Measures, Eyes Deeper Reforms

The European Council has approved an “action plan” to plug holes in the bloc’s anti-money laundering (AML) supervision framework and tasked the European Commission with thrashing out longer-term proposals in light of a slew of scandals at major banks.

Valdis Dombrovskis, commission vice president with responsibility for financial services, described the action plan as a “quick fix” after its adoption at a meeting of European finance ministers at the Economic and Financial Affairs Council in Brussels on Tuesday.

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