Anti-money laundering and countering the financing of terrorism legislative package

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Publication Date 2021
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Summary:

Information Guide concerning a legislative package launched by the European Commission in July 2021 aimed at addressing money laundering and the financing of terrorism.

Further information:

The European Commission presented on 20 July 2021 a package of legislative proposals aimed at strengthening the European Union's anti-money laundering and countering the financing of terrorism (AML/CFT) rules. This was seen as part of a commitment to protect citizens and the financial system from these events. The aim was to improve the detection of suspicious transactions and activities, and close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

The package includes four legislative initiatives:

Related Links
Commentary and Analysis
CEPS: Opinion, 05/07/2021: Time to get serious on AML policy in Europe https://www.ceps.eu/time-to-get-serious-on-aml-policy-in-europe/
European Banking Federation: Press Release, 20/07/2021: EBF supports EU’s latest efforts in fight against financial crime https://www.ebf.eu/anti-money-laundering/ebf-supports-eus-latest-efforts-in-fight-against-financial-crime/
EGBA: News, 20/07/2021: EGBA Welcomes Proposals For New EU Anti-Money Laundering Rules https://www.egba.eu/news-post/egba-welcomes-proposal-for-a-new-eu-anti-money-laundering-rules/

News
Cyprus Mail, 21/07/2021: EU to ‘close the door’ on money-laundering https://cyprus-mail.com/2021/07/21/eu-close-door-money-laundering/
Deutsche Welle, 22/07/2021: The EU declares war on money laundering https://p.dw.com/p/3xoH0

Official
European Commission: Publications: Anti-money laundering and countering the financing of terrorism legislative package https://ec.europa.eu/info/publications/210720-anti-money-laundering-countering-financing-terrorism_en
European Commission: Anti-money laundering and countering the financing of terrorism https://ec.europa.eu/info/business-economy-euro/banking-and-finance/financial-supervision-and-risk-management/anti-money-laundering-and-countering-financing-terrorism_en
European Commission: Press Release, 20/07/2021: Beating financial crime: Commission overhauls anti-money laundering and countering the financing of terrorism rules https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3690
European Commission: Questions and Answers: Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) (20 July 2021) https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_3689
European Commission: Remarks by Executive Vice-President Dombrovskis at the press conference on the Anti-money laundering package (20 July 2021) https://ec.europa.eu/commission/presscorner/detail/en/speech_21_3806
European Commission: Remarks by Commissioner McGuinness at the press conference on the Anti-money laundering package (20 July 2021) https://ec.europa.eu/commission/presscorner/detail/en/speech_21_3807
Greens/EFA Group: Press Release, 20/07/2021: Commission Anti-Money Laundering Proposals Major Step Forward https://www.greens-efa.eu/en/article/press/commission-anti-money-laundering-proposals-major-step-forward

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