Directive to Regulation – a map for EU AML convergence

Back in March [2020], the European Commissiontasked the European Banking Authority (EBA) with looking at how the EU’santi-money laundering and counter terrorist financing regime should betightened up to become more ‘as one’ – ‘harmonised’ across the member states. The Commission envisaged a new Regulation forAML/CTF, having direct effect in national law, so removing the scope for variedinterpretation, at least at the legislative stage, which has blunted successiveML Directives (MLDs).