Money laundering (ML) poses a clear and present threat to citizens, democratic institutions and the financial system. The fight against ML and Terrorist Financing is crucial for ensuring financial stability and security in Europe. The rules to prevent dirty money from being laundered through the financial system have today grown into an extensive regulatory framework. The main research questions this chapter aims to answer, is which of the challenges identified so far, might find a solution with the introduction of the measures proposed in the new EU legislative package, and which might still remain. After a brief presentation of the EU acquis in a global context, describing parallel developments at the EU level and the particulars of the field, followed by current reform proposals, the new EU legislative package proposed on 20 July 2021 will be briefly presented, aiming at identifying some of the remaining challenges.