EU Directive on strengthened rules to prevent money laundering and terrorist financing
Released 14 May 2018
On 14 May 2018, the European Council adopted a directive strengthening EU rules to prevent money laundering and terrorist financing.
The directive sets out to close down criminal finance without hindering the normal functioning of payment systems. Amending directive 2015/849, it is part of an action plan launched after a spate of terrorist attacks in Europe in 2016.
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.