MONEVYAL, Europe’s anti-money laundering committee, has prioritised monitoring the crypto industry with “gatekeeper” experts such as attorneys and accountants in the European Union.
In a media release based on the outcomes of its annual report, MONEYVAL called on European regions to review compliance with international standards and develop tighter regulatory measures to prevent money laundering supported by crypto assets.
The Pandora Papers, according to Elbieta Frankow-Jakiewicz, director of MONEVYAL, are an example of how professionals acting as “gatekeepers” may help the affluent and corrupt launder their money. She also said that the use of crypto assets for money laundering is growing.
Moneyval is a Council of Europe AML supervisory organisation that covers 47 European jurisdictions. The task force is in charge of examining and recommending policy changes that have an impact on national legislative reforms.
According to the report, the median level of compliance with Financial Action Task Force (FATF) standards among its regulated countries is below the satisfactory requirement. MONEYVAL found that eighteen of the 22 countries analysed had unsatisfactory compliance with AML standards.
Later this year, the European Commission will also undertake a second investigation to evaluate money laundering trends related to virtual assets.
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