The Commission has made the fight against money laundering and terrorism financing one of its priorities. The Commission presented an Action Plan to strengthen the fight against terrorist financing in 2016, which also responds to the Panama Papers revelations.
With the agreement of the European Parliament and the Council on the Commission’s proposal, the 5th Anti-Money laundering directive will:
• increase transparency about who really owns companies and trusts to prevent money laundering and terrorist financing via opaque structures;
• improve the work of Financial Intelligence Units with better access to information through centralised bank account registers;
• tackle terrorist financing risks linked to anonymous use of virtual currencies and of pre-paid instruments;
• Improve the cooperation and exchange of information between anti-money laundering supervisors and with the European Central Bank;
• Broaden the criteria for assessing high-risk third counties and ensure a common high level of safeguards for financial flows from such countries.
Source: European Commission