On July 20, 2021, the European Commission announced draft legislation to reform the EU’s existing anti-money laundering and counter-terrorist financing regime. The most significant element of the announced reform is the full harmonization of the EU AML/CFT regime in terms of obligations on private parties and oversight of the regime, in particular:

• to base the obligations of obliged institutions on the directly applicable regulation
• to establish a single supervisory authority at the EU level

The full package of the announced EU AML/CFT reform includes the following four legislative proposals:

1. Regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing 
   • (go to project page)
2. Directive of the European Parliament and of the Council on mechanisms to be implemented by the Member States to prevent the use of the financial system for the purpose of money laundering or terrorist financing, repealing Directive 2015/849
   • (go to project page)
3. Regulation of the European Parliament and of the Council establishing the Office for the Prevention of Money Laundering and Terrorist Financing and amending Regulations (EU) 1093/2010, (EU) 1094/2010, (EU) 1095/2010
   • (go to project page)
4. Regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain cryptocurrencies
   • (go to project page)