New EU AML rules include cryptocurrencies

The European Commission has put forward ambitious new measures in the area of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) – strengthening even further the fight against dirty money.

EU AML Authority (AMLA) – a new EU Authority will be the central authority

  • coordinating national supervisors, so the private sector correctly and consistently applies EU rules.
  • ƒenhancing cooperation among Financial Intelligence Units (FIUs), so as to improve their analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies.

EU single rulebook for AML/CFT – more detailed, clearer, and directly applicable rules, which will apply more consistently and will be better enforced throughout the EU.

EU AML/CFT rules will apply fully to crypto-currencies: all Crypto Asset Service Providers will have to apply EU rules, to stop crypto-currencies being using to launder money.

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