Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) efforts remain amongst the most important concerns of Governments and regulators globally. In this briefing we look at the most significant reforms to the EU AML framework since its establishment.
While a series of reforms have been made to the existing AML regime since it was first established in 1991, long-standing issues of fragmentation, inconsistency and a lack of coordination in implementation and application led the European Commission to conclude in 2019 that only major structural change could remedy the problems identified.
The long anticipated package of legislative changes to the EU AML framework, first proposed in July 2021 and finally published in the Official Journal on 19 June 2024, will overhaul the regime through the establishment of a new central EU supervisory authority for AML and CTF (AMLA), the replacement of national implementation with a directly applicable single rulebook, and changes to strengthen the existing rules.
Key themes discussed include:
- Legislative component / Timeline
- Key changes to the AML framework rules
- AMLA: the new EU AML regulator
- Cross-border impact / Next steps
