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ARTICLE · 18 APRIL 2023

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EU Parliament Approves AML/CFT Rules For Crypto Industry

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The Members of the European Parliament (the "MEP"s) from the Economic and Monetary Affairs and Civil Liberties, Justice, and Home Affairs committees have recently...

MaltaGovernment, Public Sector
Joseph F. Borg
Joseph F. Borg
Galyna Podoprikhina
Galyna Podoprikhina
Laurence Alexander
Laurence Alexander
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The Members of the European Parliament (the "MEP"s) from the Economic and Monetary Affairs and Civil Liberties, Justice, and Home Affairs committees have recently approved a more stringent legislative package aimed at addressing money laundering, terrorist financing, and evasion of sanctions across the European Union (the "EU"), which among others will particularly impact crypto-asset market participants.

The new Anti-Money Laundering and Counter-Terrorism Financing (the "AML/CFT") legislative package contains three pieces of draft legislation as follows:

  • The EU "single rulebook" regulation;
  • The 6th Anti-Money Laundering ("AML directive");
  • The regulation establishing the European Anti-Money Laundering Authority ("AMLA").

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