EU Establishes New Anti-Money Laundering Agency in Frankfurt

In a significant move to enhance financial oversight, the European Union has announced the creation of a new anti-money laundering agency set to be based in Frankfurt. This development is part of a wider legislative effort aimed at bolstering the EU’s defences against financial crimes, which includes stricter controls on large-scale transactions and the regulation of various high-risk sectors.

Expanding Regulations to Strengthen Financial Integrity
The newly established agency will be staffed by approximately 400 employees tasked with overseeing anti-money laundering activities at 40 of the EU’s largest financial institutions. This initiative accompanies additional legislative measures that prohibit cash transactions exceeding €10,000 and broaden regulatory oversight to include assets like artwork, jewellery, luxury yachts, and, crucially, cryptocurrencies.

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