The deadline for transposing the 4th Anti-Money Laundering Directive (AMLD) at the end of this month is looming for the few Member States that have yet to publish draft texts of the national law. At the same time, the trilogue negotiations continue between the European Commission, Council and Parliament to amend the 4th AMLD (dubbed the 5th EU Anti-Money Laundering Directive)
Which changes are under discussion?
- The definition and hence registration of a beneficial owner
- Enhancing the powers of EU Financial Intelligence Units and facilitating their cooperation
- The role and definition of tax advisors
- The role and definition of real estate agents
- Virtual currency platforms
- Lower the thresholds for identification for E-money providers
- Checks required for Third Countries that are high-risk
The European Parliament recently voted the reject the European Commission's intention to mirror the FATF's blacklist of high-risk countries and will now need to develop it's own list.
For more information join our next event on 7 June 2017.