The European Union will create an agency to combat money laundering through cryptocurrencies – Bits Media

European Commission will form a new agency, Anti-Money Laundering Office (AMLA) to oversee the cryptocurrency industry in the European Union.

The European Commission proposed to create a new body, which will include regulatory Organs of European countries. It is assumed, that Amla will become the "central department" in Europe, which will control, whether cryptocurrency transactions correspond to the rules for combating money laundering (AML). The department will also coordinate the activities of state supervisory authorities, Helping them to develop methods for assessing the risks of cryptocurrency operations.

Today, transactions with digital assets do not fall under the EU rules, related to financial services. The lack of rules for regulating cryptocurrencies implies high risks of money laundering and financing terrorism, since the movement of illegally received money can be carried out using crypto assets, He believes the European Commission.

Due to this, European lawmakers are developing new requirements for virtual assets service providers (VASP). They include more stringent standards for collecting persons, making cryptocurrency transactions. The data obtained will also be available to European regulators.

"Washing money through crypto assets, Financing of terrorism and organized crime still remain serious problems, which must be decided at the level of the European Union. Amla will make decisions regarding dubious organizations, which can violate the aml rules ", – The European Commission said.

Swen Gigoles (Sven Giegold), Member of the German Party "Green" believes, that thanks to unified standards and more centralized supervision of cryptocurrencies, The fight against financial crimes will be waged more consistently. Besides, Higold proposed applying legal measures against other states, not strictly compliance with aml rules.

Recall, that recently the chairman of the commission on companies and exchanges in Italy (Consob) The European Union called for the development of the development of crypto assets regulation, said, that the EU "dragged too much" this process.