Money laundering, the scourge to be eradicated in the European Union

The European Union (EU) is currently processing a package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules.

This package which was presented by the European Commission on 20 July 2021 in execution of an adopted action plan for a comprehensive Union policy on preventing money laundering and terrorism financing, consists of four legislative proposals:

• A new Directive on AML/CFT that will replace the existing Directive 2015/849/EU.
• A new Regulation that will harmonize AML/CFT rules across the EU.
• The revision of Regulation 2015/847/EU that will make possible to trace transfers of crypto-assets.
• The creation of a new EU Anti-money laundering Authority (AMLA).

For this reason, it is especially important to hold discussion forums promoted by economic and civil institutions that analyze and debate in depth the current challenges that the EU is facing in this matter.

This is precisely the objective of the Madrid AML/CFT Conference: “Prospects, strengths and challenges” organized in Madrid by the Spanish Banking Association (AEB), the Spanish Confederation of Savings Banks (CECA), the National Union of Credit Cooperatives (UNACC), the Spanish Union of Insurance Entities and Reinsurers (UNESPA), the Association of Property, Commercial and Movable Property Registrars of Spain, the General Council of Notaries and the Madrid Futuro Association, with the collaboration of the Ministry of Economic Affairs and Digital Transformation, the Community of Madrid and the City Council of Madrid.

This conference will be attended and participated in by international experts and personalities of recognized prestige to, among other purposes, analyze and debate the challenges faced in the fight against money laundering and the prevention of terrorist financing, as well as to analyze and share experiences and best public and private practices in this field.

Spain has extensive experience and commitment in the field of international policies to prevent and combat money laundering and the financing of terrorism, with high ratings from the Financial Action Task Force (FATF). In addition, Madrid is today one of the most important financial centers in Europe, along with London, Paris and Frankfurt.