Facebook's proposed Libra cryptocurrency falls into a 'big gap' i...
LONDON - Facebook’s proposed Libra cryptocurrency falls into a “big gap” in European Union financial regulation at a time when the bloc’s ability to tackle money laundering is already stretched, a top EU regulator said on Thursday.
Jose Manuel Campa, chair of the European Banking Authority said it was necessary to “keep an eye” on cryptoassets like Libra. The watchdog had issued investor warnings before Libra was even mooted that cryptoassets could be channels for money laundering activities, he said. There is no consensus within the 28-country EU for a standalone agency to crack down on money-laundering, leaving enforcement to national authorities that have wide discretion and differing approaches.
The Paris-based agency has just three staff working on ensuring that national authorities comply with EU anti money-laundering rules, with another eight due to be added over the next three years, Campa said.But lawmakers slammed a decision by national supervisors in April to effectively clear financial regulators in Estonia and Denmark over potential legal breaches in how they applied EU money laundering rules in relation to Danske Bank.
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