New EU rules to combat money laundering and terrorist financing

FATF’s latest Ministerial Declaration
PSR consultation on APP reimbursement requirement compliance

The European Parliament adopted a package of laws strengthening the EU’s ability to tackle money laundering and terrorist financing.

The package consists of:

  • The Sixth Anti-Money Laundering Directive (6MLD)
  • The EU ‘Single Rulebook’ Regulation
  • The Anti-Money Laundering Authority (AMLA) Regulation

If adopted by the Council, the new rules will introduce:

  • New powers for Financial Intelligence Units #FIUs to analyse and detect ML/TF cases as and suspend suspicious transactions;
  • A limit on large cash payments up to EUR10,000;
  • Due diligence requirements for football clubs and agents from 2029; and
  • AMLA, a central financial watchdog supervising high-risk entities.

The next steps will include formal adoption by the Council and publication of the laws in the Official Journal of the EU.

💡 Plenitude RegSight and its subscription newsletter keep you informed of the evolving regulatory landscape in the EU and France. We conduct weekly horizon scanning to identify new and amended laws, regulations or guidance impacting your organisation’s financial crime compliance obligations. Visit our website for more information.

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https://www.europarl.europa.eu/news/en/press-room/20240419IPR20586/new-eu-rules-to-combat-money-laundering-adopted

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