European Council Creates New Anti-Money Laundering Authority

The European Council on June 29 decided to create an anti-money laundering authority (AMLA) to further crack down on terrorism financing and money laundering. The new authority will "contribute to the harmonisation and coordination of supervisory practices in the financial and non-financial sectors, the direct supervision of high-risk and cross-border financial entities and the coordination of financial intelligence units," the council said. The new agency will monitor certain credit and financial institutions that the EU deems risky.