Agreement on the 4th anti money laundering directive
The draft text over the 4th AML EU directive and Funds Transfers Regulation has been reviewed by the “trialogue” on 21 January 2015 and the Council approved an agreement with the European Parliament on 10 February 2015.
The draft text over the 4th AML EU directive and Funds Transfers Regulation (related to FATF Recommendation 16) has been reviewed by the “trialogue” (European Parliament and the Council of the European Union based on a proposal from the European Commission) reached a consensus on 21 January 2015 at a meeting of the Committee for Permanent Representations (COREPER).
On 10 February 2015 the Council approved an agreement with the European Parliament on strengthened rules to prevent money laundering and terrorist financing.
The directive and regulation will strengthen EU rules against money laundering and ensure consistency with the approach followed at international level. The draft regulation deals more specifically with information accompanying transfers of funds.
The texts are now ready for submission to a plenary session of the Parliament (next April) for a definite validation. The translations are being organised accordingly.
Even though some countries considered a faster implementation, the latest text of the directive still foresees a two-year timeframe for the translation of the text into the domestic law of the member states.
The regulation will be directly applicable.