New AML Package Is Now Close To The Final Stage

On 19 April 2023, the EU Parliament announced the approval of its negotiating mandate for three of the four proposed pillars of the much-anticipated new EU Anti-Money Laundering and Countering the Financing of Terrorism ("AML/CFT") package ("AML Package").

1. Background

By way of reminder, the AML Package consists of four different legislative proposals:

• A regulation providing for the creation of a new EU-wide AML/CFT authority ("AMLA");
  
  
• A regulation on AML/CFT (essentially focusing on customer due diligence aspects) ("AML Regulation");
  
  
• A sixth directive on AML/CFT ("AMLD6") (focusing more on supervisory and financial intelligence unit aspects); and