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”.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial