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Europe: European Commission adopts the fourth Anti Money Laundering Directive

On 20 May 2015, the members of the European Parliament adopted rules to combat money laundering and terrorist financing. This is one of the key actions in the European Security Agenda that was announced last month (28 April 2015).

 The new European anti-money laundering legislation is supposed to contribute to the fight against terrorist financing and money laundering by:

  • Facilitating the work of Financial Intelligence Units from different Member States to identify and follow suspicious transfers of money and facilitate the exchange of information
  • Establishing a coherent policy towards non-EU countries that have insufficient anti-money laundering and counter-terrorist financing regimes
  • Ensuring full traceability of money transfers within, to and from the European Union

The official publication of the new Directive is due around June/July 2015. A process to guide member states in implementing the Directive into national law is anticipated to be published in the next few months. Member states will have two years to implement the Directive into their local legislation.

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