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[Yusra31]

According to the Irish daily Independent, financial institutions in Ireland have indicated support for plans to revamp the European Union's anti-money laundering measures. The new AML body that the EU proposes to create, according to the Banking & Payments Federation Ireland (BPFI), will **** out suspect cross-border transactions in the union.According to the journal, the proposed changes include a series of radical reforms that would substantially aid and bolster our members in their daily and ongoing work identifying, preventing, and disrupting money laundering and the funding of terrorism here in Ireland and across the EU.

The European Commission released a set of legislative recommendations earlier this week aimed at strengthening the EU's anti-money laundering and counter-terrorism financing standards, which will apply to the crypto industry. "Full traceability of crypto asset transfers" is intended to be ensured by the revisions. The bill calls for the creation of a new EU Anti-Money Laundering Authority (AMLA).

 

[Wisdom01]

I think in the agenda to start anti money laundering process ,they have to bring up adequate suggestions for the tracking of cryptocurrency assets , because we could see that at times people actually do track cryptocurrency asset and others , that's the agenda there , hopefully the laundering of cryptocurrency is stopped

 

[Horia_10]

The money laundering is done by the people that have a lot of wealth , but it actually makes the situation difficult more for the normal people as they always find it difficult so that is why the firms need to make sure that they actually find the corrupt people and deal with them properly actually

 

[fiery phoenix]

The money laundering is done by the people that have a lot of wealth , but it actually makes the situation difficult more for the normal people as they always find it difficult so that is why the firms need to make sure that they actually find the corrupt people and deal with them properly actually

In other words,they are trying to wipe off decentralization from crypto just for the sake of suspected money laundering.Are there confirmed cases of money laundering or its just suspicion or a protection measure being taken here?Money laundering will never end esp in the crypto space and most likely crypto asset transactions cross border or within the border will be very hard to trace.

 

[Horia_10]

It is indeed difficult to stop money laundering and especially in Crypto only option is to have kyc and disable privacy coins usage , and then accepts coins only that accept the rules and ask for much details from service providers of wallets to make sure that each transactions is checked properly for Aml things

 

[fiery phoenix]

It is indeed difficult to stop money laundering and especially in Crypto only option is to have kyc and disable privacy coins usage , and then accepts coins only that accept the rules and ask for much details from service providers of wallets to make sure that each transactions is checked properly for Aml things

Yes KYC verification might be needed for every crypto related transaction but it will be very difficult for crypto users to accept this.If they really want to stop crypto related money laundering they should just ban crypto because KYC was created for the sole purpose of buying or selling crypto on an exchange which are definitely critical because they are on-site,but crypto transaction should be completely private with no traces.I doubt if the crypto developers will agree to this

 

[Horia_10]

Then in that case if kyc is not included then many countries can become bankrupt since the people are never intend to put money in banks which will make money out of the banks and that will be drastic situation so such things should be avoided and only kyc is solution to be safe for countries from such things indeed .