On 30 May 2024, the Council of the EU announced that it has adopted a package of new anti-money laundering (AML) rules aimed at protecting EU citizens and the EU’s financial system against money laundering and the financing of terrorism.
The package of legislation consists of:
- A Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Regulation).
- A Regulation establishing the new EU authority for AML and Countering the Financing of Terrorism (AMLA Regulation).
- A Directive on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AMLD6).
The European Commission first published the package of proposals in July 2021.
Next steps
This was the final step of the adoption procedure. The texts will now be published in the Official Journal of the EU and enter into force.
The AML Regulation will apply 3 years after it enters into force. Member States will have 2 years to transpose some parts of the AML Directive and 3 years for others. AMLA will be based in Frankfurt and will start operations in mid-2025.