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5th anti-money laundering and financing of terrorism directive

25/09/2018

On 14 May 2018, the European Council adopted a directive amending the 4th AML/CFT Directive which strengthens EU rules to prevent money laundering and terrorist financing.

On 14 May 2018, the European Council adopted a directive amending the 4th AML/CFT Directive which strengthens EU rules to prevent money laundering and terrorist financing. The approval of the European Parliament took place on 19 April 2018. The aim of this directive is to prevent the financing of crime without creating obstacles to the normal functioning of payment systems. The main amendments to Directive (EU) 2015/849 concern in particular:

  • expanded access to information on beneficial ownership to increase transparency about who really owns companies and trusts;
  • apply a risk-based approach to prepaid cards and virtual currencies;
  • cooperation between Financial Intelligence Units.
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