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EU adopts amended money laundering, terrorist financing rules

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EU adopts amended money laundering, terrorist financing rules

Photo © Maksym Yemelyanov - Fotolia

(BRUSSELS) - The EU Council adopted Monday a directive strengthening EU rules to prevent money laundering and terrorist financing - part of an action plan launched after a spate of terrorist attacks in Europe in 2016.

The rules amend directive 2015/849 which sets out to close down criminal finance without hindering the normal functioning of payment systems.

"These new rules respond to the need for increased security in Europe by further removing the means available to terrorists", said Vladislav Goranov, Bulgaria's minister for finance, for the EU presidency: "They will enable us to disrupt criminal networks without compromising fundamental rights and economic freedoms."

The directive was adopted at a meeting of the General Affairs Council, without discussion. This follows an agreement with the European Parliament reached in December 2017. The Parliament approved the agreed text on 19 April 2018.

The main changes to directive 2015/849 involve:

  • broadening access to information on beneficial ownership, improving transparency in the ownership of companies and trusts;
  • addressing risks linked to prepaid cards and virtual currencies;
  • cooperation between financial intelligence units;
  • improved checks on transactions involving high-risk third countries.

May 2018 directive on strengthened rules to prevent money laundering and terrorist financing (PE-CONS 72/17)

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance)


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