In July of this year, the European Commission announced a package of legislative proposals designed to strengthen the EU's framework of laws on anti-money laundering and countering the financing of terrorism (AML/CFT). A response to the Commission's AML Action Plan published in May 2020, Commissioner Mairéad McGuinness has described the aims of the package as “consistency, harmonisation, supervision and enforcement”.
Essentially, the package represents a two-pronged approach to AML reform:
(i) establishing a new AML/CFT supervisor
(ii) creating a Single Rulebook for the application of AML/CFT rules across Member States
Later this month, we will be participating in a panel on AML (Freshly Laundered: Perspectives on AML) as part of ALG's Corporate Crime and Regulation Summit. As a taste of what to expect from our panel, Paula Reid, Kerill O'Shaughnessy and Chris Martin share some of their observations on the EU's AML Legislative Package in the following Soundbite.
