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Aki Corsoni-Husain
Aki Corsoni-Husain
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George Apostolou
George Apostolou
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Jermaine Case
Jermaine Case
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Chiara Deceglie
Chiara Deceglie
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Massimiliano della Zonca
Massimiliano della Zonca
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Philip Graham
Philip Graham
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Ayana Hull
Ayana Hull
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Katerina Katsiami
Katerina Katsiami
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Andrew Knight
Andrew Knight
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Evi Koutsioumpa
Evi Koutsioumpa
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Joshua Mangeot
Joshua Mangeot
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Mirza Manraj
Mirza Manraj
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Elina Mantrali
Mirza Manraj
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Vanessa Molloy
Vanessa Molloy
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Andrea Moundi Savvides
Andrea Moundi Savvides
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Marina Stavrou
Marina Stavrou
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Matt Taber
Matt Taber
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Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
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EBA opines on link between money laundering and prudential oversight

On 24 July 2019, the European Banking Authority (EBA) published an opinion on the link between money laundering and terrorist financing concerns and prudential objectives. This opinion forms part of the EBA's ongoing work to strengthen the fight against money laundering and terrorist financing in Europe and responds to a request in the Council's Anti Money Laundering Action Plan of 2018.

The EBA highlights that money laundering and terrorist financing (ML/TF) can have a significant, adverse impact on an institution's safety and soundness. This is why prudential supervisors need to be aware of, and act on, ML/TF risks.

The EU Council made clear in its action plan of 2018 that the link between ML/TF risk and prudential objectives means that prudential and AML/CFT supervisors must cooperate closely and share information in the discharge of their respective functions. Where institutions operate across borders, the EBA expects supervisors to cooperate with their international counterparts.

The press release can be found here.

The opinion can be found here.