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

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.