TIME FRAME FOR 5th MONEY LAUNDERING DIRECTIVE

Irish law firm Arthur Cox, on 21st June provided the key dates relating to the 5th Money Laundering Directive recently published by the EU.  It says that Member States have until –

  • 10th January 2020 to set up the central registers of beneficial ownership for corporates;
  • 10th March 2020 to set up the central registers of beneficial ownership for trusts; and
  • 10th September 2020 to set up the centralised automated mechanisms to allow timely identification of those who hold or control payment accounts and bank accounts.

http://www.arthurcox.com/publications/aml-update-mld5-published-official-journal-new-time-frames-confirmed/

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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