News

EU Lawmakers Approve Anti-Money Laundering Measures, Targeting Crypto!

Key Points:

  • European Parliament passes anti-money laundering legislation targeting cryptocurrencies!
  • AMLR regulations for crypto, establishment of AMLA agency in Frankfurt.
  • Harmonization of rules across EU for stronger financial integrity.
European Parliament’s two legislative committees have achieved a significant milestone by passing three main texts within a comprehensive anti-money laundering legislative package, extending its scope to encompass cryptocurrencies.

This move comes in the wake of January’s political consensus on anti-money laundering regulations (AMLR), which will impose obligations on crypto service providers to adhere to customer verification protocols and oversee cross-border transactions involving self-hosted wallets. Additionally, the broader legislative package includes the establishment of an anti-money laundering agency (AMLA) headquartered in Frankfurt, Germany.

Readmore: Popular Bitcoin ETFs: Exploring the Pros and Cons

EU Committees Pass Crucial Anti-Money Laundering Measures

EU Lawmakers Approve Anti-Money Laundering Measures, Targeting Crypto! 3

During Tuesday’s session, the Joint Committee on Civil Liberties, Justice, and Home Affairs, along with the Committee on Economic and Monetary Affairs, voted to approve the Anti-Money Laundering Regulation (AMLR) with a resounding 68 to 10 vote. Lawmakers also endorsed a provisional agreement on regulations aimed at preventing the exploitation of the financial system for money laundering or terrorist financing, with 71 votes in favor, 4 abstentions, and 9 against. Moreover, the mechanism proposed by the 27 EU member states garnered strong support, receiving 74 votes in favor and just 5 against.

These three documents, endorsed by the committees on Tuesday, are pivotal in the EU’s concerted efforts to combat money laundering and will establish a unified rulebook to streamline implementation procedures across member states. By harmonizing anti-money laundering measures, the EU aims to fortify its financial sector against illicit activities, ensuring a more robust and resilient regulatory framework.

The successful passage of these texts underscores the European Parliament’s commitment to bolstering financial integrity and safeguarding against illicit financial flows within the EU. With these legislative strides, the EU strengthens its position as a global leader in combating money laundering and upholding the integrity of its financial ecosystem.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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