EP calls for currency watchdog to combat money laundering and terrorism

BRUSSELS, May 26 (KUNA) — The European Parliament adopted a resolution Thursday calling on the European Commission, the EU’s executive body, to set up a taskforce to monitor virtual currencies, like Bitcoin, to prevent their being used to launder money or finance terrorism.
The resolution passed by 542 votes to 51 suggests that the taskforce should build expertise in the current technology of virtual currencies and recommend any necessary legislation.
The resolution, however, warns against taking a heavy-handed approach to this new technology which, it says, can offer significant opportunities for the consumer and economic development.
The European Commission is currently considering proposals to bring virtual currency exchange platforms within the scope of the existing EU Anti-Money Laundering Legislation, which is due for an update.
Regulators worry that the current system is helping money laundering and terrorist organisations. (end) nk.nfm

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