THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,

Having regard to the proposal from the European Commission,

After transmission of the draft legislative act to the national parliaments,

Having regard to the opinion of the European Economic and Social Committee [OJ C 152, 6.4.2022, p. 89.],

Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 24 April 2024 (not yet published in the Official Journal) and decision of the Council of 30 May 2024.],

Whereas:

(1) Experience with the current anti-money laundering and countering the financing of terrorism (AML/CFT) framework, which relies heavily on the national implementation of AML/CFT measures, has disclosed weaknesses not only with regard to the efficient functioning of that framework of the Union but also with regard to integrating international recommendations. Those weaknesses have led to the emergence of new obstacles to the proper functioning of the internal market, both due to risks within the internal market as well as external threats facing it.