EU ramps up AML activity

The European Commission is taking another definitive step towards the regulation of the crypto sector through the creation of a special anti-money laundering (AML) watchdog.

While the new financial institution is said to be focused on all forms of AML operations, it will specifically feature cryptocurrencies as one of its main priorities.

A Bloomberg report said that an alliance of European Union (EU) member states, among which Germany, the Netherlands, Spain, Austria, Italy and Luxembourg have reached out to crypto companies to seek input on the creation of the European Commission’s Anti-Money Laundering Authority (ECAMLA).

Bloomberg said that the news had been confirmed by an unnamed European official who was close to the matter.

European MP Luis Garicano commented that any AML authority should explicitly focus on crypto assets, therefore welcoming the potential creation of such a body.

The AML authority may have big implications for the way the EU tackles AML which was mostly left to local governments.

However, the EU has decided that a more centralized approach is needed to be able to counteract what is expected to be a growing problem.

Meanwhile, a report by Chainalysis argues that $8.6bn worth of cryptocurrency was laundered in 2021, up 25% from 2020.

A European watchdog that focuses on crypto as well as traditional AML is the latest attempt to regulate the space. At the same time, US President Joe Biden is set to introduce a policy that would give CBDC development efforts a further boost.

In the meantime, you may enjoy your crypto at Bitcasino, 1xBit and FortuneJack and play the games available there.

Source

Updated: 02/24/2022 — 08:00