EU RELEASES LONG-AWAITED PROPOSALS FOR SUPRA-NATIONAL AML SUPERVISOR
July 1st, 2021
The long-awaited proposals to create a powerful European Union (EU) Anti-Money Laundering Authority (AMLA) have been released by the European Commission. If approved, this would be the world’s first supra-national AML/CFT regulator. AMLA would operate under a new EU regulation, directly applicable across all 27 EU member states. This would give the authority a wide-ranging role and powers over EU AML supervisors, obliged entities, and a coordinating role regarding financial intelligence units (FIUs.)
Under the proposals, from 2025, AMLA would start conducting ...
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