EU: Proposals to address money laundering

Creation of a new EU authority to address money laundering

Creation of a new EU authority to address money laundering

The European Commission today unveiled a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules.

The package also includes the proposal for the creation of a new EU authority to address money laundering.

According to a release from the EC, the package of legislative proposals is part of the EC's commitment to protect EU citizens and the EU's financial system from money laundering and terrorist financing. The goal is to improve the detection of suspicious transactions and activities, and to close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system. The measures are intended to enhance the existing EU framework by taking into account new and emerging challenges linked to technological innovation—including virtual currencies, more integrated financial flows in the Single Market, and the global nature of terrorist organisations.

The EC also provided a set of “questions and answers” regarding the anti-money laundering and countering terrorism financing proposals.

 

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