True to its commitment to protect citizens of the zone and the financial system against money laundering and terrorist financing, the EU Commission promises a legislative package of new reforms.

As the EU Strategy for the Security Union for the period 2020-2025 recalls, strengthening the EU framework for combating money laundering and terrorist financing will also help protect Europeans against terrorism and organised crime. The measures proposed today significantly strengthen the existing EU framework, taking into account the emergence of new challenges related to technological innovation. These challenges include virtual currencies, the greater integration of financial flows into the single market and the international nature of terrorist organizations. These proposals will create a much more harmonised framework so that operators subject to AML/CFT rules can more easily comply with them, in particular when they operate cross-border

The package of measures presented today consists of four legislative proposals: a regulation establishing a new EU AML/CFT authority; a regulation on AML/CFT, containing directly applicable rules, in particular with regard to due diligence towards customers and beneficiaries effective; a sixth AML/CFT Directive (“AMLD6”), replacing the currently applicable Directive 2015/849/EU (the Fourth AML Directive as amended by the Fifth AML Directive), and containing provisions that will be transposed into national law, such as rules on national supervisory authorities and financial intelligence units in Member States; a revision of the 2015 Transfer Regulation funds to guarantee the traceability of transfers of cryptoassets (regulation 2015/847/EU). The legislative package will now be examined by the European Parliament and the Council.