Progress on the EU AML/CFT package

It is well known that global anti-money laundering and terrorist financing (AML/CFT) regulations are constantly evolving, and the European level is no exception and is at the top of the agenda.  On Wednesday 24 April, the European Parliament gave its consent to the AML/CFT package and, following formal approval by the Council, it will be published in the EU's Official Journal. It includes:

• A Regulation on anti-money laundering and combating terrorist financing (AML/CFT) obligations applicable to the private sector.
• A Directive on AML/CFT mechanisms, which will replace the current 5th Directive.
• A Regulation establishing an EU Anti-Money Laundering and Terrorist Financing Authority (AMLA) in the form of a decentralised EU regulatory agency.
• An amendment to the Funds Transfer Regulation.

This article details a brief description of this package of measures that it will entail for EU Member States and, above all, for those subject to AML/CFT rules.