How the EU Can Take On Dirty Money, the Darker Side of Globalization

Thomas F. Borgen, the CEO of Danske Bank, at a press conference in which he resigned following revelations of money laundering via its Estonian branch, Copenhagen, Sept. 19, 2018 (Photo by Liselotte Sabroe for Ritzau Scanpix via AP Images).
Thomas F. Borgen, the CEO of Danske Bank, at a press conference in which he resigned following revelations of money laundering via its Estonian branch, Copenhagen, Sept. 19, 2018 (Photo by Liselotte Sabroe for Ritzau Scanpix via AP Images).
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When the European Commission recently attempted to blacklist 23 countries that it accuses of maintaining deficient systems to restrict money laundering and terrorism financing, a technocratic spat quickly escalated into a diplomatic dispute. Though only one element of sweeping reforms intended to strengthen the European Union’s own anti-money laundering regime, the list not only had the predictable effect of enraging countries included on it—such as Saudi Arabia and three U.S. territories—but also provoked insurmountable criticism from within the EU itself. The list was ultimately rejected by 27 of 28 member states after a fierce lobbying campaign, forcing the European Commission […]

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