European Council Throws Weight Behind AML Reshuffle

The next phase of Europe’s anti-money laundering (AML) restructuring is taking shape, after finance ministers backed proposals to establish a new pan-EU supervisory authority and shift towards directly applicable legislation.

The European Council formally adopted a series of measures on Thursday aimed at bolstering the union’s fight against money laundering and terrorist financing, urging the commission to consider various legislative reforms.

It said lawmakers should seek “more robust and effective cooperation between the relevant authorities and bodies involved in anti-money laundering and terrorist financing, including through addressing impediments on exchange of information between them”.

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