EU anti-money laundering rules get green light from member states

Summary

MLex Summary: EU financial entities today saw a package of new anti-money laundering rules adopted by the Council of the EU. The rules exhaustively harmonize AML rules for the first time throughout the EU and extend them to new entities, such as those in the crypto sector and football clubs. They also improve the organization of national AML systems, as well as creating a new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism, which can impose sanctions on any entity that breaches AML rules. The package will enter into force after publication in the EU Official Journal.