The European Union’s anti-money laundering (AML) package was officially adopted in the summer of 2024, setting a crucial deadline for implementation by July 10, 2027. This comprehensive package heralds significant reforms to the EU’s anti-money laundering framework, marking a pivotal moment in the fight against financial crime.
New European Supervisory Authority
At the heart of these efforts is the newly established European Supervisory Authority, known as AMLA, which is headquartered in Frankfurt. As it gradually builds its capacity, the authority anticipates employing approximately 430 personnel by 2027. AMLA is tasked with developing supplementary rules, harmonizing supervisory practices, and enhancing collaboration with national financial intelligence units (FIUs). In certain cases, it will also take on the role of direct supervisor.
“The new regulations not only bolster the connection between money laundering rules and international sanctions but also compel authorities to amplify their efforts against financial crime,” notes Atle Roaldsøy, a specialist director at Finance Norway.
Finance Norway’s Response to the AML Package
According to Kari Olrud Moen, managing director of Finance Norway, “If the EU’s AML package is not uniformly implemented, Norway could become Europe’s weakest link in the battle against financial crime. A lax regulatory environment would not only complicate Norwegian reporting obligations but also make the nation more appealing to criminals.”
Since spring 2024, Finance Norway has been diligently monitoring this initiative through a dedicated working group within the Expert Committee for Economic Crime related to money laundering. This group has actively presented insights on the content and implications of the AML package at various forums, including the last two annual money laundering conferences.
Furthermore, Finance Norway is engaged in the Ministry of Finance’s reference group, which is assessing the national implementation of the AML package. A report from this working group is expected by December 31, 2025.
New Resource Hub for Members
To provide member organizations with clearer insight into these developments, Finance Norway has launched a dedicated resource page that requires a login. This page will feature ongoing updates, presentations, and relevant documents.
Members can log in to access this specialized page or learn how to create a user account. You can find this resource and more about issues related to money laundering and terrorist financing on Finance Norway’s theme page dedicated to economic crime.