European Council Creates New Anti-Money Laundering Authority
The European Council on June 29 decided to create an anti-money laundering authority (AMLA) to further crack down on terrorism financing and money laundering. The new authority will "contribute to the harmonisation and coordination of supervisory practices in the financial…
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and non-financial sectors, the direct supervision of high-risk and cross-border financial entities and the coordination of financial intelligence units," the council said. The new agency will monitor certain credit and financial institutions that the EU deems risky.