European Parliament, Council announce provisional agreement on anti-money laundering rules

Vincent Van Peteghem, Belgian Minister of Finance, commented on this agreement in a statement shared by the European Council. He said, "This agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organised and work together. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system."

Leading industry participants such as Binance, the world's largest crypto exchange, have welcomed these steps aimed at combating money laundering, terror financing and other illicit activities within the digital asset ecosystem. Changpeng Zhao (CZ), co-founder and former CEO of Binance, stated in a post on X that Binance concurs with the "view that strong standards are critical to the future of this industry, especially on pressing issues like money laundering and financial crime." CZ also emphasised the importance of implementing these standards globally. He said, "Global standards provide clarity and consistency - key factors of effective regulation, but they can only be helpful if implemented across the board."

The European Parliament consists of members elected by residents of EU member states, as per its official website. The European Parliament and European Council function as co-legislators, adopting legislative proposals and determining the EU's budget. The mission of the European Parliament is to foster "democratic decision-making" and human rights both within the EU and globally.