EU to review bad banks

EUROPEAN Union finance ministers are set to delay a reform of money laundering supervision at banks next week, because they first want to assess recent alleged cases of financial crime at the bloc’s lenders.
AN EU draft document, to be adopted on December 4, supports a need “to strengthen the effectiveness of the current framework” after recent scandals.
However, it does not propose institutional or legislative changes like the creation of an EU-wide supervisor recommended by the European Central Bank.
The document details an action plan that is meant to be the EU response to a series of high profile cases of alleged money laundering at banks in several EU states including Spain, Britain, Denmark, the Netherlands and Malta.
The plan foresees a review of recent bank scandals that could indefinitely delay legislative changes already proposed by the European Commission in September to bolster supervision of banks against money-laundering risks.