MONEY LAUNDERING AND TERRORIST FINANCING: NEW EU RULES ADOPTED

On 14th May, a news release from the EU advised that the EU Council adopted the 5th money laundering Directive strengthening EU rules to prevent money laundering and terrorist financing.  The main changes to existing EU Directive 2015/849 involve:

  • broadening access to information on beneficial ownership, improving transparency in the ownership of companies and trusts;
  •  addressing risks linked to prepaid cards and virtual currencies;
  • cooperation between FIU;
  • improved checks on transactions involving high-risk third countries.

http://www.consilium.europa.eu/en/press/press-releases/2018/05/14/money-laundering-and-terrorist-financing-new-rules-adopted/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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