The European Union (EU) has proposed the establishment of a new agency to combat money laundering related to cryptocurrencies.

The European Union (EU) intends to establish an anti-money laundering (AML) agency.

According to a report by Reuters, the European Commission is considering creating an Anti-Money Laundering Authority (AMLA) to trace illicit financial transfers across the European Union, including bitcoin transactions.

Documents acquired by Reuters state, the newly planned organization will target the hazards posed by cryptocurrencies as part of a broader crackdown on money laundering. The proposal’s documents stated:

“The lack of such rules leaves holders of crypto assets exposed to money laundering and financing of terrorism risks, as flows of illicit money can be done through transfers of crypto assets.”

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