LONDON - Banks and other financial market participants in the European Union will have until mid-2022 to cut their “excessive reliance” on derivatives clearing houses in Britain, the bloc’s executive European Commission said on Monday.
Britain, which hosts Europe’s biggest financial hub in London, left the EU in January and its unfettered access to the bloc ends in December.
Will all the banks co-operate to track or freeze the 'dodgy money' until there is clear proof that it was honestly earned and the proper tax has been paid, or is this all just PR noise until the publicity has died down and the slurry can start moving again ?
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