EU measures target money laundering and illicit financial flows

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Law360 (July 20, 2021, 4:11 p.m. EDT) – The executive arm of the European Union on Tuesday unveiled a series of new measures designed to harmonize and strengthen the bloc’s anti-money laundering rules and announced plans to launch an authority to fight against illicit financial flows.

The new anti-money laundering authority announced by the European Commission is intended to align regulatory standards across the bloc as well as to monitor and coordinate national authorities within the EU. The changes will extend anti-money laundering rules to all crypto assets, and anonymous crypto wallets will be banned, the commission said.

The new authority is expected to be operational in 2024 and will begin its direct supervision work …

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