Under pressure to act after a series of banking scandals involving billions of dollars in illicit transactions, the European Union has a plan to beef up its anti-money laundering system by creating an agency devoted to tackling financial crimes and a unified rulebook for its member states. The proposal includes uniform rules across the bloc, an agency at the EU level that can impose fines totaling millions of dollars, and new regulations targeting the providers of crypto-assets, according to a draft reviewed by several news outlets. The European Commission will finalize the proposal by the end of July that, if approved by the European Parliament and member states, will go into effect in 2024
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