AML/CFT

20 Jul: Questions and Answers: Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT)

(Source: European Commission)

General

What is the Commission proposing in the field of Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT)?

Today’s AML/CFT package consists of four legislative proposals:

A Regulation establishing an EU AML/CFT Authority[1] in the form of a decentralised EU regulatory agency;A new Regulation on AML/CFT[2], containing directly applicable AML/CFT rules, including a revised EU list of entities subject to AML/CFT rules (known as Obliged Entities);A Directive on AML/CFT[3], replacing the existing EU AML/CFT Directive (Directive 2015/849 as amended) and containing provisions not appropriate for a Regulation and requiring national transposition, such as rules concerning national supervisors and Financial Intelligence Units…