Council Of The EU Adopts Fifth Money Laundering Directive (MLD5)

Author:Arthur Cox
Profession:Arthur Cox
 
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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...

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