A new era of AML/CFT supervision: the EU AML package

For many years, money laundering and terrorist financing have undoubtedly been causing headaches throughout the European Union (EU). These illicit activities pose a significant threat to the integrity of the EU economy and financial system and the security of its citizens. There has been a strong and ever-growing demand at both a European and national level for harmonised and effective measures to combat money laundering and terrorist financing.

1. Introduction

However, supervision of anti-money laundering and countering terrorism financing (AML/CFT) rules has been entrusted to national competent authorities (NCAs) designated by EU Member States when transposing the EU AML Directives. The lack of harmonised rules in the EU and the varying mandates and characteristics of NCAs have led to inconsistencies in the quality and effectiveness of AML/CFT supervision across the EU. Currently, there are no effective mechanisms in place to address AML/CFT inciden...

Verder in dit artikel:

1. Introduction

2. AML/CFT Regulation

2.1. Background

2.2. Key elements

2.3. Timing

2.4. Potential obstacles

3. AMLAR

3.1. Background

3.2. Key elements

3.3. Timing

3.4. Potential challenges

4. AMLD6

4.1. Background

4.2. Key elements

4.3. Timing

4.4. Potential challenges

5. Revision of the 2015 Regulation on Transfers of Funds

5.1. Background

5.2. Key elements

5.3. Timing

5.4. Potential challenges

6. Conclusion