The necessity to tackle money-laundering and terrorist financing was raised by the European Commission in 2016, in the wake of the terrorist attacks in France and in Belgium, as well as the Panama Papers scandal. 

Thursday, April 19th, MEPs validated the agreement on the 5th proposal for an anti-money laundering directive. These measures include:

• • An increased access to information and centralised bank account registers by Financial Intelligence Units
  • Lowering the anonymity for users of prepaid cards and tackle the risks associated with terrorists using virtual currencies
  • Improving transparency and strengthen EU Financial Intelligence Units with the introduction of beneficial ownership registers
  • Ensuring that registers or retrieval systems for centralised national bank and payment accounts are available in all member states.
  • Improving safeguards around financial transactions with high-risk third countries

Member States will have 18 months to implement these new rules after the publication in the Official Journal of the EU. 

In a joint statement, the European Commission expressed its satisfaction in the success of the directive, but insists on the need for more efforts on combatting terrorist financing.

Marie Peschier

For further information:

lemonde.fr « L’UE se dote de nouvelles règles pour lutter contre le blanchiment d’argent » (19.04.2018)

agenceeurope.eu « Le PE grave dans le marbre la 5e révision des règles européennes de lutte contre le blanchiment d’argent » (20.04.2018) Bulletin Quotidien Europe N° 12005

governmenteuropa.eu « EU welcomes directive on money-laundering and terrorist financing » (19.04.2018)