The European Union has announced the establishment of a new body focused on combating money laundering, which will oversee the cryptocurrency sector and other financial activities. This authority, consisting of representatives from all 27 member states, has chosen Frankfurt, Germany, as its headquarters.
Frankfurt Selected for New EU Anti-Money Laundering Office
By choosing Frankfurt as the headquarters for the new Anti-Money Laundering Authority (AMLA), the EU strengthens its capabilities in monitoring the cryptocurrency sector. This agency will collaborate with national authorities of member countries to ensure compliance with anti-money laundering and counter-terrorism financing rules.
Key EU Measures in the Fight Against Money Laundering
European Commissioner Mairead McGuinness highlighted a crucial measure in the form of a 10,000 euro limit on cash payments and emphasized the importance of cryptocurrency regulation to ensure financial stability and transparency. The newly established AMLA office is part of a broader legislative package aimed at harmonizing rules against money laundering and terrorist financing across the EU.
Frankfurt Outcompetes Rivals Including Rome and Paris
Frankfurt was chosen as the location for the new office following a joint vote by the European Parliament and the Council of the EU, outpacing eight other European cities, including Rome and Paris. This move will allow the EU to better oversee financial transactions and cryptocurrencies, which is key to preventing money laundering and terrorist activities on the continent.
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