The European Union could soon get an anti-money laundering authority after the European Commission proposed on Tuesday an “ambitious package of legislative proposals” to strengthen the Union’s rules concerning the fight against money laundering and the financing of terrorism (AML/CFT).

European countries last year issued fines totalling 171.3 million euros (US$211 million) for violations of the EU’s framework for General Data Protection Regulation (GDPR).

It will be harder for terrorists in the EU to build home-made bombs and authorities will now be able to check the bank accounts of suspected organized crime figures, the European Commission announced on Friday.   

A new report published Tuesday by Europol and the European Union Intellectual Property Office delves into the changing trends in the world of counterfeit goods that are increasingly run by organized crime groups.