The US administration is seeking to adopt a more central role in implementing anti-money laundering regulations, The Wall Street Journal reported on Wednesday, citing a draft seen by the media outlet. According to the report, the current system gives regulators some access and prominence. However, they aim to have a more active role in efforts to revamp a system designed to catch illicit transactions by drug traffickers, terrorists, and other criminals. Issues in this front have been costly and ineffective. Former bank controllers and officials have long pressed for changes like this, criticizing existing regulations for focusing too much on technicalities and compliance without providing effective measures to address these problems. The Trump administration, along with Treasury Secretary Scott Bessent, believes that restrictions on banks have hindered economic growth.