Malta: EU AML-CTF Package Taking Shape: Compromise Text For AMLR And 6AMLD Published

On 14 February 2024, the Council of the European Union published the following compromise texts:

• Compromise text for the proposed Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing ("AMLR").
• Compromise text for the proposed Directive on the mechanisms to be put in place by the member states for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849 ("AMLD6").

The AMLR shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply for 3 years from its date of entry into force.

On the other hand, the AMLD6 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.