Source: Fintech Global
According to EuroNews, this decision comes as part of a broader legislative package aimed at tightening controls over large cash transactions, football club dealings, and cryptocurrency exchanges across the bloc.
The establishment of the agency is a response to a need for more robust oversight in the face of financial scandals that have marred the EU’s reputation. The agency will have approximately 400 staff members who will oversee anti-money laundering measures at 40 of the EU’s largest financial institutions. This initiative is part of a package that also bans cash transactions over €10,000 and extends regulations to include artwork, jewellery, luxury yachts, and notably, cryptocurrencies.
EU Financial Services Commissioner Mairead McGuinness highlighted the urgency of the reforms, stating, “Dirty money finances terrible crimes. There is an absolute imperative to improve significantly on the current situation.” Her sentiment was echoed across the political spectrum, emphasizing the widespread support for the measures.
Read full article: https://fintech.global/2024/04/25/eu-launches-new-anti-money-laundering-agency-in-frankfurt-to-bolster-financial-security/
