New EU Measures Aim to Tackle Money Laundering and Terrorist Financing

The European Parliament has approved new measures to combat money laundering and terrorist financing in the European Union. The measures include creating a new EU authority to oversee the implementation of anti-money laundering regulations, harmonizing rules across all member states, and increasing transparency and information sharing among financial institutions. The new authority will have the power to impose fines and sanctions on banks and other financial institutions that fail to comply with the regulations. These measures aim to strengthen the EU’s ability to prevent illicit funds flow and better coordinate efforts to combat terrorist financing. The new rules will apply to all financial sectors, including cryptocurrencies and virtual asset service providers. Read more here.
Source: European Parliament