On 20 July 2021, the European Commission announced a package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) framework. On 24 April 2024, the EU parliament plenary voted on the reports of the AML/CFT legislative package. The final elements of the ambitious package of legislative proposals to deliver a stronger and consistent set of AML/CFT rules have been agreed by co-legislators. The agreement also covers the institutional side with the creation of a new EU authority to fight money laundering (AMLA) which will be at the core of the system implementing the new framework. On 30 May 2024, the final text was adopted by the Council. This package will have an impact, not only at EU level, but will also affect the local regulatory framework in Malta.
The new EU AML framework will broaden the scope of application to new entities, such as crypto-asset service providers, crowdfunding service providers, and professional football clubs and agents. It will also introduce new obligations, like a limit for cash payments and new reporting obligations for dealers in certain luxury goods, and optimise and harmonise current obligations.
The KPMG Forensic AML/CFT Regulatory Radar provides a comprehensive guide to the AML/CFT regulatory framework and presents an overview of the latest developments in the European Union and Malta, allowing obliged entities and other interested parties to stay abreast of the latest regulatory developments in this field.
