Money Laundering

On 19 June 2024, a new European Union legislative package aimed at strengthening the EU's anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) efforts was published in the Official Journal of the European Union.

This new legislative package seeks to address some of the difficulties that market players and the various European regulators have been highlighting. These include (i) the absence of a consistent regulatory framework based on the lack of direct applicability of European rules established by means of directives; and (ii) the lack of centralised supervision of AML/CFT in the European Union, which causes difficulties in coordination between the different bodies of the Member States.