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EU anti-money laundering proposal comes under fire

The European Commission's proposal for eradicating money laundering is insufficient and too bureaucratic, critics say.

Photo: Pexels.com / Pixabay

On Tuesday, the EU Commission revealed its new, comprehensive legal proposal which aims to eliminate money laundering in Europe. However, critics are questioning how effective it will be.

US media Politico reports that criticism has been raised over the EU Commission's decision to establish a brand new agency, which will coordinate anti-money laundering efforts across borders, instead of giving the established agency, the European Banking Authority (EBA), more power.

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