According to a special report, billions of euros are "laundered" from criminal transactions in the European Union every year.
In contrast, better coordination between the EU states is now called for.
Brussels - The European Court of Auditors calls for a more coordinated EU action against money laundering.
In practice, the monitoring of the fight against money laundering is still carried out at national level, criticize experts from the Court of Auditors in a special report published on Monday.
In addition, supervision by the EU is insufficient to guarantee the same framework conditions everywhere.
According to the Court of Auditors, billions of euros from criminal transactions are fed into the regular economy in the EU every year in order to conceal the illegal origin of the income.
The European police authority Europol estimated the value of suspicious transactions within Europe at the end of the day at hundreds of billions of euros.
In order to make the fight against money laundering more efficient, the experts at the Court of Auditors recommend that the European Banking Authority (EBA) and the EU Commission should make better use of their powers in the event of breaches of common rules.
In addition, the EU Commission should also improve its risk assessments and rely more on clear regulations instead of directives.
"The EU's weaknesses in the fight against money laundering and terrorist financing need to be addressed, and EU oversight needs to be significantly strengthened," commented Court of Auditors' representative Mihails Kozlovs.
dpa
