Because far too many European banks have been shown to have significant failures in anti-money laundering controls. Recent examples of these scandals unfortunately abound. And my fear is that they are only the tip of the iceberg. The point I want to make is that dirty money is widespread and is corrupting our financial system.
I am confident that through the harmonization of regulation and the introduction of common standards we’ll be able to unlock important new ways of finance; productive ways that will increase the resilience of the European economy, going beyond the traditional financing channels of banking. 2.