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Brussels Plans New Agency to Fight Money Laundering

Brussels Plans New Agency to Fight Money Laundering

by Starling Insights

Starling Insights Editorial Board

Jul 15, 2021


The European Commission will table legislation this month to create an Anti-Money Laundering Authority (AMLA), which would set up its operations in 2024 and would eventually have the power to supervise cross-border financial companies and impose fines for breaching anti-money laundering laws and regulations.

The European Union faces difficulties in dealing with the hundreds of billions in suspicious transactions that occur each year as a result of the patchwork-like enforcement policies in its member countries. This can also be seen in a series of recent financial scandals that have occurred across the region.

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