Money laundering: Parliament and Council negotiators agree on central registers

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Money laundering: Parliament and Council negotiators agree on central registers

December 2014

The European Parliament and Council agreed on central registers. The ultimate owners of companies would have to be listed in central registers in EU countries, under a deal struck by Parliament and Council negotiators on a draft EU AML Directive.

The rules would also require banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients.

The 4th Anti-Money Laundering Directive (AMLD) will oblige to maintain central registers in EU countries, listing information on the ultimate beneficial owners of corporate and other legal entities, in order to fight against secrecy of obscure dealing, money laundering and tax crime.

These registers would be accessible to people with a “legitimate interest” like competent authorities and their financial intelligence units.

The new rules also clarifies the draft rules on “politically-exposed persons”.

The deal still needs to be endorsed by EU member states' ambassadors (COREPER) and by Parliament's Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees, before being put to a vote by the full Parliament next year.

Anti-Money Laundering
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