Regulatory & Governmental Affairs - Europanews - 04/2015
Highlight: News on Anti-Money Laundering Directive
The Economic and Civil Liberties Committees of the EP have been re-consulted on the outcome of the trilogue negotiations and last 27 January a majority of the members voted in favour of the compromise text on the “Prevention of the use of the financial system for the purpose of money laundering and terrorist financing” and on the “Information accompanying transfers of funds”. The new Anti-Money Laundering Directive will oblige, for the first time, Member States to keep central registers of information on the ultimate beneficial owners of corporate and other legal entities, as well as trusts. These registers will be open both to the authorities and to people with a legitimate interest. The two Committees expressed consent also on the provisions on transfers of funds, which aim to improve the traceability of payers and payees and their assets. The co-decision procedure requires a further endorsement by the EP in plenary (in March or in April) and by the Council before the new Directive becomes law. Member States will then have two years for transposition into national laws.