On 20 July 2021, the European Commission presented a package of legislative proposals establishing a new framework for the EU’s anti-money laundering and countering terrorism financing (AML/CTF) regime. The package will create an EU-wide AML supervisory authority, establish a new directly applicable single rulebook, and extend the scope and requirements of the regime including, significantly, to all cryptoasset service providers. In this briefing we explore the Commission’s proposals in more detail. We also set out considerations for UK firms, including HM Treasury’s recent consultations on the UK AML/CTF regime
Ben Thatcher is an Associate in Baker McKenzie London office.