What can we expect from the European Commission following the 5th EU Anti-Money Laundering Directive?

 

Commissioners  Vĕra Jourová in charge of Justice, Consumers and Gender Equality and Pierre Moscovic in charge of Economic and Financial Affairs, Taxation and Customs
 
 
The latest AMLD, the directive on on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing has been approved now in all European languages and although it went by the name of amended 4th Anti-Money Laundering directive for a long time, now we can just proceed to call it the 5AMLD.
 
The directive outlines a number of tasks for the European Commission and these will be key for the future 6th Anti-Money Laundering Directive (6AMLD) for which early stage discussions are taking place.

The Commission will, by June 2019, assess the framework for Financial Information Unit (FIUs) cooperation with third countries and obstacles and opportunities to enhance cooperation between FIUs in the Union, including the possibility of establishing a coordination and support mechanism.

The Commission will submit, by June 2020, a report to the European Parliament and to the Council assessing the
possible future interconnection of centralised bank account registries. The Commission will present its assessment and findings by mid-2019.

Further details can be found here.

AME next event in September 2018 will be looking at finacial crime risks and the 5AMLD more closely, please get in touch for further information.

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