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EU ministers to discuss setting up supervisory body to tackle money laundering

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EU ministers to discuss setting up supervisory body to tackle money laundering

European Union finance ministers are set to meet Oct. 10 to discuss the potential establishment of a bloc-wide supervisor to tackle money laundering activities and terrorism financing.

In an attempt to further strengthen the eurozone's anti-money laundering effort, the Finnish Presidency of the Council of the EU has invited member states to address the scope of possible future actions, ways to harmonize the legal framework further, possible initiatives for guaranteeing efficient supervision and ensure effective cooperation between various regulatory authorities and bodies.

The meeting comes amid an increase in the number of banking scandals in the EU, as well as a rise in the use of digital currencies.

Philippe de Koster, head of the Belgian financial intelligence force, told Reuters that risks related to exchanging in virtual currencies need to be tackled, as there is no legislation to counter money laundering through crypto assets.

In July, the European Commission called for the full implementation of EU rules on money laundering and terrorist financing, while a fifth directive on the issue will come into force in January 2020.