Money laundering has many different forms, and is a permanent threat within and outside the EU. In recent years, the EU has strengthened its anti-money-laundering framework. The Anti-Money-Laundering Directive (AMLD), which incorporates the main provisions for fighting money laundering and terrorist financing, is complemented by the Funds Transfers Regulation, which improves the traceability of actors and their assets.
The basis for the EU framework are the requirements set by the Financial Action Task Force (FATF). Due to changes in the nature of money launderers’ activities and a desire to focus resources on higher risks, the FATF undertook a revision of its recommendations, completed in February 2012.
In parallel the Commission assessed the EU’s framework. Stakeholders had called for a more risk-based approach, the extension of the scope, and alignment with the Data Protection Directive.
In February 2013, the Commission adopted two proposals, to amend the third Anti-Money-Laundering Directive, including combining it with its Implementing Directive, and to amend the Funds Transfer Regulation. Stakeholders have welcomed the proposals in general, however, they remain critical of certain points.
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