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European Commission: Anti-money laundering and countering the financing of terrorism legislative package

The European Commission presented an ambitious package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules.

The package also includes a proposal for the creation of a new EU authority to fight money laundering. It is part of the Commission’s commitment to protect EU citizens and the EU’s financial system from money laundering and terrorist financing. The aim is to improve the detection of suspicious transactions and activities, and close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

The package consists of 4 legislative proposals (read more information about by clicking here):

A new EU AML Authority (AMLA)

New regulation on AML/CFT

  • The new regulation will contain directly applicable rules, including in the areas of customer due diligence and beneficial ownership. It also includes the setting up of an EU-wide limit of €10,000 to large cash payments: text of the proposal for a regulation on AML/CFT

6th Directive on AML/CFT (AMLD 6)

  • The directive will replace the existing Directive 2015/849/EU containing provisions that will be transposed into national law, such as rules on national supervisors and financial intelligence units in Member States: text of the proposal for a 6th directive on AML/CFT

Revision of the 2015 Regulation on Transfers of Funds

The legislative package will be discussed by the European Parliament and Council. The Commission is hopeful for a speedy legislative process. The AML authority should be operational in 2024 and will start the work of direct supervision slightly later, once the directive has been transposed and the new rules start to apply.


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