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European Commission to make thorough assessment before considering AML reforms

A spokeswoman for EU finance commissioner Valdis Dombrovskis said the European Commission would consider money laundering reforms after conducting a "thorough assessment" of the issue, Reuters reported Dec. 10.

The news comes a few days after the European Council adopted plans aimed at strengthening the bloc's existing regulatory frameworks against money laundering and terrorism financing. The council wants the EU executive body to explore the possibility of establishing a separate EU body that would have supervisory responsibilities.

The commission's draft long-term agenda revealed that Dombrovskis intends to issue an action plan on anti-money laundering in March 2020.

The European regulator drew criticism from some lawmakers, who wanted the body to act more rapidly on the matter in the aftermath of multiple money laundering scandals in the continent.