October 28, 2021

Volume XI, Number 301

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October 27, 2021

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Agreement On The EU Proposals To Prevent Money Laundering And Terrorism Financing Reached

The European Parliament and the Council has announced they have reached a political agreement on the EU Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing.

This revision of the Fourth Anti-Money Laundering Directive, aims at:

  • increasing transparency on who really owns companies and trusts by establishing beneficial ownership registers;

  • preventing risks associated with the use of virtual currencies for terrorist financing and limiting the use of pre-paid cards;

  • improving the safeguards for financial transactions to and from high-risk third countries; and

  • enhancing the access of Financial Intelligence Units to information, including centralised bank account registers.

The agreement needs to be formally endorsed by the European Parliament and the Council. Member states will then have up to 18 months to transpose these new rules in their national legislation.

Copyright © 2021 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume VII, Number 352
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About this Author

Angie Bamboulis, Womble Carlyle Law Firm, United Kingdom, Banking and Finance Attorney
Solicitor

Angie is a solicitor in the banking and financial services team; where she assists with providing finance and regulatory advice to a wide range of client.
Prior to qualifying and during her training contract she completed a one day secondment at a private wealth bank, UBP over a 3 month period; as well as full time secondments at the firm's key clients – AIG and Post Office.

440207-788-2306
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