The EU’s new anti-money laundering package: what’s in it?

Summary:

The European Union has intensified its efforts to combat money laundering with a new anti-money laundering package. The package includes:

Access to beneficial ownership registers for journalists and civil society actors to scrutinize the real beneficiaries of companies
Single access points for real-estate ownership data in every Member State
Mandatory submission of information about high-value asset purchases (luxury cars, watercraft, and aircraft) to Financial Intelligence Units (FIU) above a certain threshold
Establishment of a new European Anti-Money Laundering Authority (AMLA) in Frankfurt, which will directly supervise the 40 riskiest financial entities
* Enhanced cross-border cooperation, with AMLA as a central hub for cooperation and data sharing

Note: The document provides a detailed analysis of the package, but this summary highlights the key points mentioned.