World Business News

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General approach on Anti-Money Laundering (AML) legislative package agreed by EU member states

Zone(s): European Union ¦ Sector(s): Money Laundering
[18 June 2014,] During the Coreper meeting, Ambassadors of the 28 EU member states agreed on a General Approach on the Anti-Money Laundering (AML) legislative package, comprising the 4th AML Directive and the new Fund Transfer Regulation.

This agreement constitutes the negotiating mandate for the incoming Italian Presidency to conduct trilogues with the European Parliament. The agreement is important as it strengthens the rules and the tools to be used in the fight against money laundering and terrorist financing, in line with the revised Recommendations of the Financial Action Task Force (FATF). It also responds to the demand of the international community for greater transparency of ownership of companies and follows the G7 commitments.

Related Documents: Negotiating mandate on money laundering

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