EU Measures Target Money Laundering, Illicit Financial Flows

Law360 (July 20, 2021, 4:11 PM EDT) -- The European Union's executive branch on Tuesday unveiled a raft of new measures designed to harmonize and strengthen the bloc's anti-money-laundering rules and announced plans to launch an EU-wide authority to counter illicit finance flows.

The new anti-money-laundering authority announced by the European Commission is meant to align regulatory standards across the bloc as well as monitor and coordinate national authorities within the EU. The changes will extend anti-money-laundering rules to cover all crypto-assets, and anonymous crypto-wallets will be outlawed, the commission said.

The new authority is expected to be operational in 2024 and will start its work of direct supervision...

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