Regulation

EU to combat scourge of money laundering with new agency

The European Union is set to propose the creation of a new anti-money-laundering agency with direct powers to supervise financial companies, according to a document seen by Financial News sister title The Wall Street Journal.

The agency would be part of a broader plan to address failures that have made the region a haven for financial crime. The European Commission — the EU’s legislative arm — is set to make the proposal later this month, according to a person familiar with the matter.

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