I have previously written [1] about the significant tightening of the rules for companies required to carry out crime-fighting tasks on behalf of the government under the new European anti-money laundering package (AML Package). The AML Package is much more than just harmonisation; the rules are becoming more extensive and complex, without leading to any improvement in the fight against crime [2].The European Banking Authority (EBA) confirmed the massive scale of the changes in its advisory opinion to the Commission [3]:

The scale of change introduced by the AMLR makes transition provisions necessary.

It is incomprehensible that the EU – spurred on by the European Parliament, which has failed to represent the interests of citizens in this matter – has decided to increase the compliance burden without considering whether the effort and expense are worthwhile.

Notes

[1] AML Package: “the reform was of a massive size, and there are important novelties”, 11 November 2024.
[2] The Netherlands Court of Audit (Algemene Rekenkamer) has found that there is no evidence that the banks’ anti-money laundering measures are effective. The report of the Algemene Rekenkamer is announced in the article Gevolgen groot, opbrengsten onbekend – Onderzoek naar de anti-witwasaanpak in de bankensector, 11 March 2026.
[3] Paragraph 55 of the EBA response to the European Commission’s Call for Advice on six AMLA mandates, announced in the article The EBA advises the European Commission on the foundations of the new anti-money laundering/countering the financing of terrorism regime.