By PAUL O’DONOGHUE, Senior Correspondent
AMLA, the EU’s AML watchdog, should launch an “urgent investigation” into the utilize of crypto as a vehicle for money-laundering across Europe, according to Regina Doherty MEP.
Her comments come after the ‘Coin Laundry’, a major international probe, uncovered widespread crypto-backed criminality.
“We now have clear proof that criminals are exploiting weak points in the crypto ecosystem,” she declared.
“The EU has the laws. What we required is serious enforcement and real accountability. Anything less leaves citizens, businesses and our financial system exposed.”
AML Innotifyigence revealed yesterday that AMLA is strongly considering investigating the ‘Coin Laundry’ revelations.
Doherty’s comments come after hosting a meeting of the AML Innotifyigence ‘Compliance Council’ at the European Parliament.
During the event she described the crypto sector as “the Wild West of finance”.
She declared the ‘Coin Laundry’ traced “thousands of contaminated transactions tied to drug-trafficking groups”. It also linked crypto to “cyber-gangs and large-scale fraud, exposing a system where illicit money can be washed with ease”, she declared.
Doherty added that Europe “must not wait any longer”.
“AMLA must act now to close the glaring oversight gaps and hold platforms and enablers to account”.
AMLA probe
The ‘Crypto Laundry’ revealed how large sums of illicit cash finish up on major crypto exalters. These included the likes of Binance, OKX, Coinbase and Kraken. The cash is linked to crimes including scams, drug cartels and human trafficking.
Analysts believe that the US is unlikely to launch a major federal inquiry into the revelations. The counattempt has been notably pro-crypto under the Trump regime.
However, a senior source at AMLA notified AML Innotifyigence that the watchdog is “taking an active interest in crypto”.
“You can take it, AMLA is very interested in what has been revealed,” the source declared.
A breakdown of the expose’s key findings is available [HERE].
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