Written by Angelos Delivorias (1st edition),
© M. Schuppich / Fotolia
Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and the ‘Panama papers’ revelations. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council have each put forward substantial modifications to the Commission proposal. These include: the obligation for Member States to provide data on trusts and legal arrangements to the Commission; specific professional secrecy obligations for staff working, or having worked for, competent authorities supervising credit and financial institutions; cooperation between competent authorities; and the creation of an independent authority to supervise and coordinate anti-money-laundering activities carried out by national competent authorities and law enforcement bodies.
Versions
- June 2017: ‘Revision of the Fourth Anti-Money-Laundering Directive‘ (1st edition)
| Prevention of the use of the financial system for the purposes of money laundering or terrorist financing: transparency of financial transactions and of corporate entities | ||
| Committees responsible: | Economic and Monetary Affairs & Civil Liberties, Justice and Home Affairs (jointly responsible under Rule 55) |
COM(2016) 450 5.7.2016 procedure ref.: 2016/0208 (COD) Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’) |
| Rapporteurs: | Krišjānis Kariņš (EPP, Latvia)
Judith Sargentini (Greens/EFA, the Netherlands) |
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| Next steps expected: | Trilogue negotiations | |
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