The EU pushes to strengthen its tool to combat money laundering and terrorist financing through a new law. This Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package consists of the Sixth Anti-Money Laundering (AML) Directives, the EU Single Rulebook Regulation, and Anti-Money Laundering Authority (AML) Regulation. It also establishes a new authority, the Anti-Money Laundering Authority (AMLA) to be based in Frankfurt.

The laws will allow interested bodies or persons such as journalist, medical personalities, civil society organisations, supervisory bodies, etc to have access to information belonging to beneficial owners held in the public registries at the EU level.

With this new update, there is an enhanced due diligence on customers’ identity which will require companies (banks, crypto assets managers, real and virtual estate managers) to report suspicious activities to the Financial Intelligence Unit and other relevant authorities.

The European Council adopted the package of rules on 30 May 2024.

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