ARTICLE · 02 FEBRUARY 2022

AML Reforms At An EU Level

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On July the 20th 2021, the European Commission publicly announced its presentation of the ‘most ambitious package of measures' to combat Money Laundering and the Financing of Terrorism.

MaltaGovernment, Public Sector

Michael Calleja

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Introduction

On July the 20th 2021, the European Commission publicly announced its presentation of the 'most ambitious package of measures' to combat Money Laundering and the Financing of Terrorism.

These developments are inherently a result of recent concerns that several Member States have failed to implement, enforce, or even prove the effectiveness of AML Laws (primarily through the transposition of Directives) throughout the Union. This has prompted the European Commission (EC) to 'close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system'.

Throughout this article, the author will be delving into recent amendments and will give a very brief overview of the salient proposals which will be implemented at a pan-European level.

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