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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