EU officials have agreed to set up an anti-money laundering body (AML). This body will have the authority to oversee cryptographic companies.

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The European Union (EU) on Wednesday issued a statement agreeing to set up a dedicated anti-money laundering (AML) body. According to the regulator, AML’s main task is to oversee “high-risk international financial personalities,” including cryptocurrencies.

EU officials agree to launch AML

Ondřej Kovařík, a member of the European Parliament, claims that EU officials have reached an “interim political agreement” on the rules for the transfer of funds. At the time of writing, the full details of this review are not clear. According to the Cointelegraph, the release of the draft regulation in March will require service companies to provide personal information on funds transfers.

The EU fights money laundering by overseeing digital currencies

Ernest Urtasun, Member of the European Parliament, added:

We are ending the era of illegal cryptocurrency by closing the main loopholes of money laundering and creating the AML entity. These rules will not apply to P2P transfers of non-aligned entities.

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Source: cointelegraph

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