🚩Today, the Council of the European Union adopted the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Package, consisting of:

- a Regulation (EU Single Rulebook);
- a 6th AML Directive; and
- a Regulation establishing a new AML Authority.

The Regulation will for the first time introduce a unified regulatory framework applying directly in all Member States. Most of the provisions will apply three years after its entry into force (expected mid-2027).

The 6th AML Directive is intended to enhance cooperation between the national authorities of the Member States. Member States will have two or three years (depending on the provision) to transpose the Directive into their national legislation.

Finally, the Package includes the creation of the 'Anti-Money Laundering Authority' (AMLA) as a new European supervisory authority, to be established in Frankfurt and expected to be operational by mid-2025.

Questions? Contact our corporate counsel Ine Schockaert and paralegal Marthe Wouters, or your usual contact at contrast.

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