Denmark, Estonia and nine other EU countries still need to strengthen safeguards against money laundering despite recent scandals, the European Commission said today.
“We need to respond forcibly” to cases of illicit funds moving through the bloc, Executive Vice President Valdis Dombrovskis told journalists while unveiling European Semester reports on national economic policies.
Denmark, Estonia, Finland, Latvia, Malta, Slovakia and Sweden have stiffened anti-money laundering rules — but still lack staff and enforcement capacity, Brussels said in its country-specific recommendations.
The gap persists even after revelations since 2017 of questionable funds moving through Estonian units of some Scandinavian lenders, including Danske Bank and Swedbank.
Today’s recommendations also warned Luxembourg and the Netherlands of “significant money laundering risks” due to “complex legal structures” and foreign direct investment. The report for Ireland raised similar points.
So-called golden passports — citizenship for big investors — and digital financial assets on offer in Bulgaria and Malta are also “susceptible to money laundering risks,” the Commission said.
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