New European AML package
On 21 July 2021 the European Commission presented an ambitious package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing (AML/CTF) rules.
The package also includes the proposal for the creation of a new EU authority to fight money laundering. These proposals greatly enhance the existing EU framework by considering new and emerging challenges linked to technological innovation. These include virtual currencies, more integrated financial flows in the Single Market and the global nature of terrorist organizations. The package consists of four legislative proposals:
A Regulation establishing a new EU AML/CFT Authority;
A Regulation on AML/CFT, containing directly-applicable rules, including in the areas of Customer Due Diligence and Beneficial Ownership;
A sixth Directive on AML/CFT (“AMLD6”), replacing the existing Directive 2015/849/EU, containing provisions that will be transposed into national law, such as rules on national supervisors and Financial Intelligence Units in Member States;
A revision of the 2015 Regulation on Transfers of Funds to trace transfers of crypto-assets.