THE European Banking Federation (EBF) has presented its recommendations on fighting dirty money in EU. The report identifies four priorities that need to be addressed. In concrete terms, the EBF suggests to: 1.HARMONISE the EU Anti Money Laundering (AML) framework and strengthen its risk-based nature. 2.EMPOWER EU/EEA-wide supervision and law enforcement by strengthening the institutional architecture. 3.Enable all parties to effectively COOPERATE and share information. 4.BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process. Based on these four priorities, the EBF has formulated 20 concrete policy recommendations that are elaborated in the 40-page EBF blueprint 'Lifting the Curse of Dirty Money'.
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