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EU to propose new anti-money laundering authority, documents say By Reuters

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EU to propose new anti-money laundering authority, documents say By Reuters

© Reuters. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman/File Photo/File Photo

LONDON (Reuters) – The European Union will propose a new authority to crack down on money laundering and new transparency requirements for transfers of crypto-assets, EU documents showed on Wednesday.
“By directly supervising and taking decisions towards some of the riskiest cross-border financial sector obliged entities, the Authority will contribute directly to preventing incidents of money laundering/terrorist financing in the Union,” the documents seen by Reuters said. A separate proposal would introduce new EU requirements for service providers in crypto-assets to collect and make accessible data concerning the originators and beneficiaries of transfers in those assets.
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