The last two years shook Europe with a wave of money-laundering cases brought forward against a number of big-name banks and financial institutions. Such a cascade demands serious attention and, worryingly, suggests that the EU’s regulatory frameworks for money-laundering prevention demand profound reform if they are to achieve lawmakers’ stated goals. With the fifth iteration of its AML directive, the EU is tightening the reigns, hoping to significantly curtail the illicit funneling of funds within its borders. But the actions may not be far-reaching enough.