Challenges Await Proposed EU Anti-Money Laundering Body

By Ian Hargreaves and Mia Neafcy (September 2, 2021, 5:28 PM EDT) -- As part of "an ambitious package of legislative proposals" to strengthen the European Union's anti-money laundering rules and policies on countering the financing of terrorism, the European Commission released a draft proposal on July 20 to establish a new AML authority.[1]

If passed into law, the new Anti-Money Laundering Authority, or AMLA, "will be the central authority, coordinating national authorities to ensure the private sector correctly and consistently applies EU rules," according to the commission.

However, notwithstanding the numerous recent steps taken by the EU, such as this, to prevent and catch those laundering proceeds of crime, can the EU impose on such...

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