New EU AML and CFT legislation

The EU has approved a new anti-money laundering and counter financing of terrorism legislative package. One of the main changes is the creation of a new EU anti-money laundering and countering the financing of terrorism authority to directly supervise high-risk entities and monitor and coordinate national authorities. The package harmonises anti-money laundering rules and creates a new coordination mechanism between national financial intelligence units and AML and CFT supervisors. The new package is directly applicable in all Member States and includes enhanced due diligence measures for obliged entities in all Member States. It also creates centralised databases for all financial intelligence units and corresponding national authorities.

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