EU to set up a supervisory authority to combat money laundering

The regulator will be launched in 2024

23.02.2022 - 14:55

376

1 min

What’s new? The European Union (EU) plans to create an anti-money laundering and counter-terrorist financing body and give it broad powers to oversee the cryptocurrency market. The EU reports that this regulator will be launched in 2024. Germany will lead a group of states including Austria, Italy, Luxembourg, Spain, and the Netherlands as part of the discussions on the relevant legislation. This is reported by Bloomberg, citing EU diplomats.

Information on the Bloomberg website

What does the EU representative say? There are now several supervisory authorities working on the problem of money laundering in the EU states, which sometimes complicates the coordination of actions. Luis Garicano, an EU lawmaker from Spain’s liberal Ciudadanos party, added:

“It is key that the scope of the new EU authority explicitly includes crypto-assets, given that this is one of the fields more prone to money laundering activities.”

The future unified regulator will have to oversee the activities of crypto-asset service providers. The supervisory authority will be called the Anti-Money Laundering and Counter-Terrorist Financing Authority (AMLA).

Author: