Anti-money laundering: Council and Parliament strike deal on stricter rules

The Council and Parliament reached a provisional agreement on stricter EU anti money laundering rules. The new rules will harmonize the existing framework and close possible loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

With the new package, all rules applying to the private sector will be transferred to a new regulation, while the directive will deal with the organization of institutional AML/CFT systems at national level in the member states.

The provisional agreement on an anti-money laundering regulation will, for the first time, exhaustively harmonize rules throughout the EU, closing possible loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

More details to be found here (Council of the EU, Press release of 18 January 2024).