The New EU AML-CFT Package

A new anti-money laundering and counter terrorism financing ("AML-CFT") package was published by the European Commission on Tuesday 20 July 2021

Link to package here_

This package aims to further enhance the existing EU AML-CFT framework by taking into account new and emerging challenges linked to technological innovation (including virtual currencies, more integrated financial flows in the Single Market and the global nature of terrorist organisations). It also aims to harmonise this framework.

The package is composed of the following legislative proposals:  

• a regulation establishing a new AML-CFT authority at EU level;
• a regulation on AML-CFT matters containing directly applicable rules, including in the areas of customer due diligence and beneficial ownership, with the objective of harmonising the measures taken in each Member State – referred to as the Single EU Rulebook for AML-CFT;