EU plans to strip the EBA of all its money-laundering duties
The European Commission published on the 20th of July its plans to take
away the European Banking Authority’s duties on anti-money-laundering and
countering terrorism financing (AML/CFT) and to assign them to a new EU
specific supervisory authority. This action is designed to repair the
reputational damage that the European Union has endured over the recent years
due to the money laundering scandals.
In this alert you will read more about the new Anti-Money Laundering Authority
(AMLA) and how European Authorities bring in a lot of attention to AML/CTF.