New European Union (E.U.) anti-money laundering legislation seeks to strengthen and harmonize regulations across its 27 Member States. The new legislation also calls for the creation of a new regulatory authority to combat money laundering, with the power to supervise the highest-risk financial players directly and to support and coordinate various countries’ financial intelligence units. The legislative package, collectively dubbed the Anti-Money Laundering and Countering the Financing of Terrorism package, is intended to beef up the monitoring of suspicious transactions and to eliminate loopholes that allow for laundering of illicit proceeds, such as E.U. Member States’ differing rules on companies’ beneficial ownership. The Hedge Fund Law Report spoke to experts in the field to understand the implications for international business. See “SEC Risk Alert Highlights Continuing Broker-Dealer AML Shortcomings” (Sep. 28, 2023).