EU proposes new anti-money laundering agency to combat crypto: report

The European Union will create a new agency to combat money laundering and introduce transparency rules for cryptocurrencies, according to Reuters.

The new EU proposal aims to round up crypto service providers such as exchanges and give them access to the data of traders, the Reuters news agency reported today, citing documents it examined. 

The transfer of digital assets is not currently subject to EU financial services regulations, the report says. The lack of rules “exposes crypto asset owners to the risks of money laundering and financing terrorism,” according to documents cited by Reuters. 

Therefore, the European Commission, the EU’s executive body, will propose a money laundering agency (AMLA) That will cooperate with national authorities in the fight against crime. 

If you are looking for a more urgent reason for the offer, Denmark’s largest bank, Danske Bank Estonia branch between 2007 and 2015 from a small 200 billion euros (227 billion) money laundering after paying is under investigation. While the case is not related to cryptocurrency, digital assets will still be under the jurisdiction of AMLA, as the EU believes “illegal money flows can be carried out through crypto asset transfers,” according to Reuters.  

New money laundering rules threaten crypto companies in Europe    

The EU currently has no attempt to end dirty money, relying on the executives of its members. These regulators have not always co-operated fully with EU regulations, the report said. 

However, some European countries are already introducing rules aimed at using Cryptocurrency to launder money. Last month, the UK Financial Conduct Authority issued a warning about the UK-based company Binance Markets Limited, saying it had” problems ” with money laundering procedures in the cryptocurrency exchange.

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