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European Commission Acts to Strengthen Rules on Anti-Money Laundering (AML)


On 20 July the European Commission presented its proposals to strengthen its rules on AML and countering terrorism financing (CFT) concerning obliged entities including estate agents.

They include the proposal to create a new EU authority to fight money laundering (AMLA). The AMLA will directly supervise some of the riskiest financial institutions and monitor and coordinate national supervisors responsible for other financial entities, as well as coordinate supervisors of non-financial entities. The proposals also introduce a Single EU Rulebook to harmonise rules across the EU, and include more detailed rules on customer due diligence, beneficial ownership and the powers and task of supervisors and Financial Intelligence Units (FIUs).

The package consists of four legislative proposals:
  • A regulation establishing a new EU AML/CFT authority.
  • A regulation on AML/CFT containing directly applicable rules, including on customer due diligence and beneficial ownership.
  • A directive on AML/CFT replacing the existing Fifth AML Directive.
  • A revision of the 2015 Regulation on Transfer of Funds to trace transfers of crypto-assets.
More information is available at https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3690.