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April 19, 2018

European Parliament adopted the EC proposal on the fifth Anti-Money Laundering (AML) Directive. This Directive lays down measures to facilitate access by competent authorities to financial information and bank account information for the prevention, detection, investigation, or prosecution of serious criminal offences. It also provides for measures to facilitate access by Financial Intelligence Units to law enforcement information and to facilitate the cooperation between Financial Intelligence Units. This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

The new rules are intended to bring more transparency to improve the fight against money laundering and terrorist financing across EU. EC presented this proposal in July 2016 and the proposal is part of the EC's Action Plan of February 2016 to strengthen the fight against terrorist financing. The Fifth Anti-Money Laundering Directive will:

  • Enhance the powers of EU Financial Intelligence Units and facilitate their increasing transparency on who really owns companies and trusts by establishing beneficial ownership registers
  • Prevent risks associated with the use of virtual currencies for terrorist financing and limiting the use of prepaid cards
  • Improve the safeguards for financial transactions to, and from, high-risk third countries
  • Enhance the access of Financial Intelligence Units to information, including centralized bank account registers
  • Ensure centralized national bank and payment account registers or central data retrieval systems in all member states

Member states shall adopt and publish the laws, regulations, and administrative provisions necessary to comply with this Directive by 26 months after the date of entry into force of the respective EU Directive. Member states shall communicate to EC the text of the main provisions of national law, which they adopt in the field covered by this Directive.

 

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Effective Date: OJ + 20 Days

Keywords: Europe, EU, Banking, AML, Fifth AML Directive, European Parliament, EC

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