European Parliament. Source: DW

European Parliament Passes New Anti-Money Laundering Regulation

European Parliament has given its approval to the EU's latest anti-money laundering (AML) package during a plenary session. This milestone paves the way for the establishment of a new framework aimed at combating illicit financial activities. Formal adoption of the regulations is anticipated from the EU Council, scheduled for May.

Key components of the anti-money laundering package include the introduction of a unified set of rules covering various aspects such as customer due diligence, transparency regarding beneficial ownership, and regulation of crypto assets. Additionally, the package incorporates provisions from the sixth anti-money laundering directive, which outline national supervisory rules.

One significant aspect of the new regulations is the creation of the European Anti-Money Laundering Authority (AMLA). Tasked with overseeing the most high-risk financial institutions, the AMLA will collaborate with national anti-money laundering authorities to enhance the effectiveness of anti-money laundering efforts across the EU.

26 April 2024, 10:20

Legal European Union (EU)

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