EU Commission Proposes Major Revisions for Countering Money Laundering and Terrorism Financing

IMPORTANT: The full content of this page is available to premium users only.

Tuesday, July 27, 2021
Author: 
Bruce Zagaris
Volume: 
37
Issue: 
8
Abstract: 

On July 20, 2021, the European Commission presented a significant set of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing (AML/CFT) rules.  The proposal will establish a new EU authority to combat money laundering.  The proposals aim to improve the detection of suspicious transactions and activities, and to eliminate the loopholes that criminals use to launder illicit proceeds or finance terrorist activities through the financial system.