On 14 May, the Council adopted the text of MLD5, which aims to strengthen existing EU anti-money laundering and counter terrorist financing rules. The main changes introduced by MLD5 are: widening access to information on beneficial ownership in respect of companies and trusts; addressing risks linked to prepaid cards and virtual currencies; enhancing co-operation between financial intelligence units; and improving checks on transactions involving high-risk third countries. The directive will shortly be published in the Official Journal of the EU.
The Council's press release is here.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
