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ARTICLE · 30 JANUARY 2024

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Status Update: EU AML Package – Provisional Agreement Reached On The AMLR And AMLD6

Camilleri Preziosi
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The European Union has taken a major step towards strengthening its rules on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

MaltaGovernment, Public Sector
Diane Bugeja
Diane Bugeja
Luke Mizzi
Luke Mizzi
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The European Union has taken a major step towards strengthening its rules on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). On 18 January 2024, the Council and the Parliament reached a provisional agreement on two main elements of the package:

  1. a new regulation ("AMLR") on AML/CFT that will harmonise rules for all obliged entities; and
  2. a 6th Money Laundering Directive ("AMLD6") that will deal with the organisation of institutional AML/CFT systems at national level in the member states.

Key changes introduced by the AML/CFT single rulebook

  • An extended list of obliged entities: Crypto-asset service providers, traders of luxury goods, dealers in high-value vehicles, airplanes, and yachts, traders of cultural goods (i.e. artworks), and professional football clubs and agents will now be subject to AML/CFT obligations.

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