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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
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When are the new rules in force?
The 5th Anti-Money laundering directive has been adopted and entered into force on 9 July 2018. Member States will have to implement these new rules into their national legislation by 10 January 2020. These rules were upgraded as EU leaders called for a collective European effort following the wave of terrorist attacks. The Commission urges Member States to stick to their commitment to introduce these tightened measures as early as possible.
ICSA: The Governance Institute is the UK’s professional body for governance. With over 125 years’ experience, it works with regulators and policy makers to champion high standards of governance and provide qualifications, training and guidance. Last year it signed a cooperation agreement with ICPAC and, earlier, this year, selected Infocredit Group to represent the Institute in Cyprus and thus offer its products/services to governance professionals. Here, Theresa Minnie, Head of Outreach at ICSA, speaks about the work of the Institute.
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