February 26, 2019 / 7:45 AM / 22 days ago

Nordea CEO calls for EU oversight of sector to prevent money laundering -media

FILE PHOTO: The Nordea bank logo is seen outside their corporate headquarters in Stockholm February 2, 2011. REUTERS/Bob Strong/File Photo

COPENHAGEN (Reuters) - The chief executive of Nordea, the largest bank in the Nordics, has told Danish newspaper Borsen that the European Union should create an EU body to oversee the bloc’s banking sector and prevent money laundering.

“What we are doing is still not enough to fight money laundering effectively,” CEO Casper von Koskull said.

“Banks cannot solve this problem alone. We need a supranational authority to ensure that banks’ anti-money laundering efforts are effective and that all banks are on the same level.”

Koskull said he would also like to stop countries from potentially giving criminals a back door into the EU banking system, among other things by selling citizenships to wealthy foreigners or by handing out visas and residence permits, as Britain has previously done.

“I would say that today we are not yet where we would like to be in regards to the fight against money laundering, even though we’ve spent billions and involved thousands of employees to solve the task,” he said.

Reporting by Jacob Gronholt-Pedersen; editing by Jason Neely

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