Avert the risk that the cryptovalute can show the side to the recycling of dirty money, at the same time favoring the transparency of transactions and thus protecting investors. These are the objectives pursued byEurope with the initiative that seems to point towards the establishment of a new agency dedicated: AMLA (Anti-Money Laundering Authority). To report it today is the editorial staff of Reuters, after having consulted documents relating to the project.
The European squeeze on the crypto world
Even before imposing a crackdown on Bitcoin, Ethereum and other digital currencies, the aim is to deal a decisive blow to the plague of movement of illicit funds adopting a unified approach, no longer delegating to individual countries and their authorities the task of planning and implementing actions to combat the phenomenon which, in the absence of real cooperation, have sometimes proved to be ineffective, having to do with anonymous and cross-border transfers.
Money laundering, the financing of terrorism and organized crime remain significant problems which should be addressed at the level of the whole Union.
National authorities will continue to play an important role in the fight against money laundering, benefiting from the coordination provided by the Anti-Money Laundering Authority.
By directly supervising and making decisions concerning some of the key players in the financial sector at the international level, the Authority will directly contribute to the prevention of money laundering and terrorist financing incidents within the Union. At the same time, it will coordinate the national authorities and provide them with assistance in order to increase their effectiveness in applying the rules and ensure compliance with high standards, with a homogeneous assessment methodology and approach.
Doing so will prevent anyone from being able to leverage on the different rules of different countries to find weak points or quibbles through which to act in an opaque or unlawful way.
We mentioned at the beginning the inevitable impact that such an approach will have on the world of cryptocurrencies. This type of asset has come under the magnifying glass of Europe, which according to today’s report also intends to approve a new regulatory package to be allocated to providers and platforms in the sector: they will be interested in the first place exhange. The intention is to oblige them to collect and make known, in case of need for legal purposes, the details relating to the identity of those who execute and those who receive payments.
The lack of rules leaves cryptocurrency holders exposed to the risks of money laundering and terrorism, as illicit money flows can be managed through the transfer of these assets.
Despite theabsence of official press releases or confirmations in this regard, the words of Sven Giegold, a German member of the European Parliament, seem to point in this direction. We report them below in translated form.
With shared standards and centralized oversight, the European Commission is about to introduce major improvements to facilitate action against financial crimes.
Categories: Digital Economy