EU Creates New Anti-Money Laundering Authority

Reading Time : 2 minutesThe European Union has created a new anti-money laundering group, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), to strengthen its systems in the fight against money laundering and terrorist financing. The new authority will have direct and indirect supervisory powers over high-risk obliged entities in the financial sector and is expected to begin operations in mid-2025.