Italy's Bruna Szego has been chosen as the chair of the European Union's new anti-money laundering watchdog after a thorough three-hour hearing before the European Parliament's economy and justice committees.

Szego emerged as the winner against competitors Marcus Pleyer from Germany and Jan Reinder De Carpentier from the Netherlands, despite not receiving support from the center-right European People's Party or the Greens, who had favored Pleyer, the former chairman of the Financial Action Task Force.

Szego, the only female candidate in the race, has a strong background in anti-money laundering efforts. She founded and led the AML supervision and regulation unit at the Bank of Italy. Her previous roles include heading the regulation and macroprudential analysis directorate, and she currently serves on the European Banking Authority's anti-money laundering standing committee, where she is known for effectively connecting macroprudential and AML risks.