EU mulls clampdown on money laundering after Pilatus

European Union governments are considering new rules to counter money laundering after alleged wrongdoing at two banks in smaller states of the bloc flagged risks to financial stability, according to officials and an EU document. The possible move follows the collapse of Latvian bank ABLV in February and the freezing of operations at Malta's Pilatus Bank in March after allegations of money laundering. In both cases, the alleged wrongdoing was exposed by US authorities and not by EU watchdogs - a situation that the head of eurozone banking supervision, Daniele Nouy, said was "very embarrassing" as it showed weaknesses in European oversight. European finance ministers discussed how to strengthen the EU oversight at an informal meeting in April and are likely to address the topic again in regular monthly meetings later on Thursday and on Friday, as part of discussions on banking rules reform, three EU officials told Reuters. "EU states agree that the existing anti-money laundering provisions are not sufficient," one of the officials said, reporting discussions held by EU states' envoys last week to prepare this week's meeting of finance ministers. Banks are free to move capital...