The European Commission (EC) has set out new legislative proposals to strengthen its anti-money laundering (AML) and countering terrorism financing (CFT) rules to tackle financial crime. A key element of those proposals includes changes to make crypto asset transfers more traceable and secure by forcing companies to collect certain details on recipients and senders and prohibiting the use of anonymous cryptocurrency wallets.
In a press release announcing the legislative proposals, the EC explains how the new laws would enhance traceability of cryptocurrency and why the scale of the problem warrants such action.
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