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EU executive plans to step up game against money laundering

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The European Commission on Tuesday presented plans to set up a new agency to fight money laundering, attempting to combat a crime that costs the bloc billions of euros each year. The agency would oversee financial institutions that are deemed as “high-risk” in the 27 member states – those that operate in multiple countries in complex cross-border operations – and coordinate anti-money-laundering efforts with national agencies. “Money-laundering scandals stain Europe’s reputation, … eroding [trust] in banks and financial institutions, and also authorities,” the commission’s executive vice pre…

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