The Commission adopted a Communication and four reports on the 24th July that assess the effectiveness of current EU measures to fight money laundering in the EU. The assessment identified divergences in the application of EU legislation and vulnerabilities including anonymous products, identification of beneficial owners and new unregulated products such as virtual assets. Possible recommendations for future EU leaders to consider include an Anti-Money Laundering (AML) Regulation instead of the existing Directives, which would be directly applicable in the Member States, and a dedicated EU AML supervisory body.
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