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21:06 GMT
BRUSSELS, June 29 (KUNA) -- The European Union Wednesday announced the creation of a new Anti-money laundering Authority In order to boost the efficient functioning of the Anti-Money Laundering and Countering the Financing of Terrorism legislation of the Union.
Given the cross-border nature of crime, the new Authority is expected to make a strong and useful contribution in fighting anti-money laundering and the financing of terrorism, said an EU statement.
The Council of the European Union added powers to the Authority to directly supervise certain types of credit and financial institutions, including crypto asset service providers, if they are considered risky.
The Council, which represents the 27 EU governments, has not yet agreed on the location at which the new Authority will have its seat.
This European Commission presented a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules in July 2021. (end)
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