European Commission Publishes New AML / CFT Action Plan

On 20 July 2021, the European Commission published a wide-ranging set of legislative proposals designed to strengthen EU Anti-Money Laundering / Countering the Financing of Terrorism ("AML / CFT") rules. 

The proposals aim to facilitate effective and consistent cross-border application and implementation of EU AML / CFT rules and introduce a new more stringent enforcement framework in the EU.

Four New Pieces of Legislation 

The package consists of the following legislative proposals:

• A Regulation establishing the Authority for AML / CFT ¹ ("AMLA")
• A Regulation on the prevention of the use of the financial system for the purposes of ML / FT  ² of directly applicable AML / CFT rules (the "AML / CFT Regulation");