Position paper - Anti-money laundering legislative package

AmCham EU is a strong advocate for a robust framework within the European Union on anti-money laundering and countering the financing of terrorism (AML/CFT). Recent years have highlighted the need for further policy reforms to address weaknesses in regulatory requirements and policy harmonisation. Therefore, AmCham EU welcomes the measures proposed in the European Commission’s ambitious legislative package enhancing the robustness of the existing framework and the protection of the EU’s financial system as well as EU citizens from illicit activities.

In our paper, we outline recommendations on:

• The importance of enhanced harmonisation of AML rules to increase the efficiency of European regulatory interaction and enforcement;
• The creation of a new AML authority and how it can become a game-changer from the current AML/CFT framework;
• The value of appropriately responding to emerging challenges linked to technological innovation, such as in the crypto asset sector or the use of digital identity;
• The benefit of proactive coordination and collaboration between jurisdictions as well as the public and private sectors to address the international dimension of money laundering and terrorism financing.