Break Down of Negotiations on New EU Money Laundering rules

The European Parliament published a press release on the ongoing negotiations on the amendments of the 4th Anti-Money Laundering Directive (AMLD) also known as the 5th Anti Money Laundering Directive.
 
Member States are not ready to close deal on the AMLD, say the rapporteurs involved in the negotiations from the European Parliament's side.
 
Schuman Associates, the secretariat of Anti-Money Laundering Europe (AME) next event on 25 January 2018 will be looking at these issues and have an interesting debate on the future of EU money laundering and terrorist financing rules.
 
The press release can be found below
 
©AP Images/European Union-EP
 
Negotiations stall over update to Anti-money laundering Directive after Council attends final scheduled trilogue without mandate
 
On Tuesday evening, a political agreement on the 5th update to the Anti-Money Laundering Directive failed to materialise during the last scheduled trilogue.  Agreement was blocked by the Council’s lack of a mandate to negotiate and the absence of a text as a basis for discussion.  
 
Krišjānis Kariņš leading the negotiations on behalf of the Economic and Monetary Affairs Committee said: 
 
“The European Parliament regrets that the Council is not ready to undertake serious negotiations in order to reach an agreement. We are concerned that the delay in the negotiations between the Parliament and Council may be used as a reason to delay the implementation of 4th Anti-Money Laundering Directive and, in effect, the setting up of beneficial ownership registers. 
 
The Parliament has negotiated in good faith from the very beginning and we expect the Council to be constructive and willing to reach an agreement before the end of the year."
 
Judith Sargentini, leading the negotiations on behalf of the Civil Liberties, Justice and Home Affairs Committee stressed the need for transparency registers to stamp out the practice of money being concealed.  She said: 
 
“We have seen Lux leaks, the Panama Papers and now the Paradise Papers. The list is getting longer but members states fail to see the urgency. We need to finalise this legislation and implement it as soon as possible as transparency around ownership will help to fight money laundering and tax evasion.  The delay in finalising a deal on the 5th update to the AMLD is having a knock-on effect on implementation of the 4th update. 
 
 
 

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