Anti-money laundering and counter-terrorist financing (AML/CTF) efforts remain amongst the most important concerns of Governments and regulators globally. Baker McKenzie experts have produced a PDF examining the most significant reforms to the EU AML framework since its establishment.
While a series of reforms have been implemented in the existing AML regime since its establishment in 1991, long-standing issues of fragmentation, inconsistency, and a lack of coordination in implementation and application have led the European Commission to conclude in 2019 that only major structural changes can remedy the identified problems.
The long anticipated package of legislative changes to the EU AML framework, first proposed in July 2021 and finally published in the Official Journal on 19 June 2024, will overhaul the regime through the establishment of a new central EU supervisory authority for AML and CTF (AMLA), the replacement of national implementation with a directly applicable single rulebook, and changes to strengthen the existing rules.
Key themes discussed include:
- Legislative component / Timeline
- Key changes to the AML framework rules
- AMLA: the new EU AML regulator
- Cross-border impact / Next steps
Our ‘The New EU AML Framework: Guide to Key Changes for Financial Institutions’ can be accessed here.
