EU bodies have released plans for further changes to the EU’s anti-money laundering framework, in response to the increased threat from terrorism in Europe.
Image: Constantin Stanciu, Shutterstock
Despite last year’s scramble by EU member states to implement the Fourth Money Laundering Directive, EU bodies have already released plans for further changes to the EU’s anti-money laundering framework.
The revised directive (5MLD) aims to:
ensure better safeguards for financial flows from high-risk third countries;
enhance the powers and co-operation of EU Financial Intelligence Units (FIUs);
establish centralised national bank and payment account registers or central data retrieval systems in all member states;
tackle terrorist financing risks linked to virtual currencies;
and minimise risks linked to anonymous pre-
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Comment: The EU’s revised Shareholder Rights Directive comes into force this week. But while some investment managers are embracing the opportunity to engage boards on ESG issues, there are warnings that others appear to be hoping they will go away.