European AML legislative package - An overview

On 20 July 2021, the European Commission presented an ambitious package of legislative proposals to strengthen the anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The main pillars of this are the EU single rulebook and a new supervisory authority at EU level. Additionally, the package includes legislative proposals for a new AML/CFT Directive repealing the currently applicable 5th Anti-Money Laundering Directive.

In this podcast, Daniel Travers (Criminal law Counsel, based in Duesseldorf), Janina Heinz and Marius Raetz (Financial regulatory Counsel and Principal Associate, both based in Frankfurt) and Victor Garcia-Lopez (EU Regulatory and Public Affairs Consultant, based in Brussels) explore the axes of the Commission´s AML package. They touch upon the impact on the creation of a new institutional framework, discuss some substantive elements of the package and bring light into the criminal law consequences for financial services as well as the wider industry.