EU considers new rules for money laundering and crypto transfers, documents show

The European Union is preparing to set up a money laundering agency to coordinate the activities of national supervisory bodies. The bloc also plans to introduce new rules to improve transparency of cryptocurrency transfers, according to a media report based on EU documents.

European Union strengthens fight against money laundering at level
Following calls for anti-money laundering measures to be implemented across Europe, the European Commission will likely propose a new Anti-Money Laundering Authority (Amla). The agency should be the “focal point” of a comprehensive monitoring system involving national officials, according to Reuters documents.

In the absence of a Pan-European anti-money laundering organisation, Brussels ‘ executive has so far relied mostly on national regulators to enforce Pod regulations. Cooperation was not always satisfactory when it came to ending “dirty money,” the report said. So the authors insist:

Money laundering, financing terrorism and organised crime remain important issues to be addressed at the trade union level.

The new body is expected to help prevent money laundering and terrorism financing in the European Union. “through direct monitoring and decision-making against some of the riskiest legal entities in the cross-border financial sector.”

The agency will coordinate the activities of national supervisory bodies to better comply with Pan-European regulations. Brussels also wants member states to directly enforce EU money laundering rules so that decriminals do not abuse differences between national regulatory systems.

EU adopts stricter reporting requirements for crypto service providers
Another recommendation from the above documents is the adoption of new European requirements for service providers working with crypto assets. These platforms will need to collect and provide available data on organizers and beneficiaries.

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