On 11 March 2024, the European Commission published its report to the European Parliament and the Council of the EU on the implementation of the Fourth Anti-Money Laundering Directive (4MLD). The report is based on information from various sources, namely two surveys conducted by Commission services among Member States, as well as contributions from the European Banking Authority (EBA) and a study from the Council of Europe.

The report is required by Article 65(1) of 4MLD. It outlines the many challenges faced in the areas of anti-money laundering / countering the financing of terrorism (AML/CFT) and states that substantial improvements have been made by the financial sector, in particular in the fields of information exchange and cooperation between AML/CFT supervisors. The report also references the Commissions’ proposed AML/CFT legislative package in 2021, which introduces comprehensive reform from both a regulatory and institutional perspective to the EU legislative framework. At the centre of the reforms will be the new European Anti-Money Laundering Authority.