The EU has approved new measures against money laundering and terrorist financing.

MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees adopted their position on three pieces of legislative drafts on financing provisions of EU AML and CTF policy.

MEPs approved three regulations with majority:

  • The EU “Single Rulebook” regulation, which includes provisions on customer due diligence, beneficial ownership transparency, the use of new technologies such as crypto-assets, anonymous instruments and crowdfunding platforms.
  • The Sixth Anti-Money Laundering Directive [6AMLD], containing national provisions on supervision and Financial Intelligence Units [FIUs], and on competent authorities’ access to necessary and reliable information e.g. beneficial ownership and asset storage in free zones.
  • The regulation establishing the European Anti-Money Laundering Authority [AMLA], with supervisory and investigative powers to ensure compliance with AML/CTF requirements.

Firms should view the decisions to identify the potential impacts the legislative drafts may have for their operations.

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