Stronger rules to fight financial crime

On 20 July 2021, the European Commission presented a set of legislative proposals to overhaul anti-money laundering ("AML") and countering the financing of terrorism ("CFT") rules in the EU as a first step to implement its 2020 AML action plan. The ambitious package which includes proposals to transfer AML/CFT rules to a regulation accompanied by a directive as well a proposal for the creation of a new EU authority, might take the fight of financial crime to a next level.

Read more in our client alert.