The European Data Protection Supervisor (EDPS) has published an opinion (dated 2 February 2017) on the proposed Fifth Money Laundering Directive (MLD5), which amends the Fourth Money Laundering Directive ((EU) 2015/849). http://bit.ly/2k6FJeW In the opinion, the EDPS considers the European Commission’s original July 2016 MLD5 proposal, as well as the MLD5 text adopted by the […]

The Joint Committee of the ESAs has published a letter to Ms Věra Jourová, Commissioner, Justice, Consumers and Gender Equality regarding the delay on the delivery of draft RTS under the fourth Money Laundering Directive (MLD4). The letter states that the ESAs will not be in a position to deliver the draft RTS on time. The RTS […]

The European Parliament has published a resolution objecting to delegated regulation proposed by the Commission which seeks to amend a delegated regulation supplementing the fourth Money Laundering Directive (MLD IV) by identifying high-risk third countries with strategic deficiencies. The European Parliament rejected the amending delegated regulation on the basis that the list of countries is too limited and should […]

The Commission Delegated Regulation (EU) 2016/1675 supplementing the fourth Money Laundering Directive (MLD 4) by identifying high-risk third countries with strategic deficiencies has been published in the Official Journal of the EU (OJ). The Delegated Regulation will come into force on 23 September 2016. A copy of the Delegated Regulation is available HERE High-risk third […]

On 7 April 2016, the European Commission published a roadmap (also referred to as an inception impact assessment) relating to its proposal for a Directive to amend the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4). http://bit.ly/1UN5rAu   Points of interest in the roadmap include the following: The Financial Action Task Force (FATF) is currently examining what […]

On 25 June 2015 the fourth Money Laundering Directive (“Directive”) entered into force. http://bit.ly/1gPQ0pK The Directive applies to a broad range of businesses from banks and financial institutions to auditors, tax advisors and legal professionals. The European Union continues to tighten its grip on money laundering and, to this end, the Directive provides a number […]

In a little over two years tough new legislation designed to combat money laundering and terrorist financing will be introduced across Europe. The fourth money laundering directive, which replaces the third directive, was agreed in December 2014 following a deal struck between the European Parliament and the European Council. Despite the legislation not taking effect […]

What is the background to the Directive? 1. As AML and terrorist financing typologies have evolved, the underlying regulatory landscape also needed to be adapted. 2. One of the main drivers for the Directive was the issue of updated financial crime/AML recommendations by the FATF in February 2012. 3. The European Commission then engaged Deloitte […]