Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing Directive (EU) 2015/849

This directive updates the European Union's framework to strengthen defenses against financial crimes. It establishes stricter mechanisms for Member States to prevent the financial system from being exploited for money laundering or the funding of terrorism, ensuring more robust oversight and cooperation across the EU. Financial institutions, businesses, and regulatory authorities across Member States must comply with these updated prevention measures. The directive amends existing laws to close loopholes and harmonize anti-money laundering standards throughout the Union.