New authority against money laundering: EU Commission and Europol want to expand financial investigations

In the summer, the Commission presented a four-step legislative package against money laundering and terrorist financing. This includes the establishment of a new authority and the introduction of a bank account register. The proposals are currently being discussed by the Council, slowly now the consultation of the Parliament is starting.

At the beginning of next year, the European Union wants to establish a new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). It is expected to become operational in 2024 and fully operational two years later, supervising financial transactions of so-called „high-risk institutions“. A „harmonised risk assessment methodology“ will be used to determine which firms fall into this category. For this purpose, the authority also wants to evaluate reports from the member states. „New authority against money laundering: EU Commission and Europol want to expand financial investigations“ weiterlesen