Following the political agreements which have been reached earlier this year, the European Parliament has now adopted the last remaining texts of the AML-CTF Package on 24 April 2024.
By way of reminder, the AML-CTF Package is composed of four legislative proposals aiming at harmonising and strengthening AML-CTF rules in the European Union:
- Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets, which has already been adopted last year and will enter into force on 30 December 2024;
- Proposal for a Directive on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering and terrorist financing (the "AML Directive"), which will address the organisation of AML-CTF systems at Member States' level (e.g. cooperation between competent authorities, access to registers of beneficial owners, etc.).
- Proposal for a Regulation establishing a new EU anti-money laundering authority (the "AMLA Regulation"). This new authority will notably be entrusted with the direct supervision of certain high-risk entities; and
- Proposal for a Regulation on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing (the "AML Regulation"), which will set out the AML-CTF requirements applicable to the private sector.
More content on the new AML-CTF Package to come – stay tuned!
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