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What is the Fifth EU Anti-Money Laundering Directive (AMLD V) aka Directive (EU) 2018/843?

On 19 June 2018, the 5th anti-money laundering Directive (Directive (EU) 2018/843), which amended the 4th anti-money laundering Directive, was published in the Official Journal of the European Union. The Member States had to transpose this Directive by 10 January 2020.<br/><br/>

These amendments introduced substantial improvement to better equip the Union to prevent the financial system from being used for money laundering and for funding terrorist activities.<br/><br/>

These amendments were introduced to:<br/><br/>

enhance transparency by setting up publicly available registers for companies, trusts and other legal arrangements;
enhance the powers of EU Financial Intelligence Units, and provide them with access to broad information for the carrying out of their tasks;<br/><br/>

limit the anonymity related to virtual currencies and wallet providers, but also for pre-paid cards;<br/><br/>

broaden the criteria for the assessment of high-risk third countries and improve the safeguards for financial transactions to and from such countries;<br/><br/>

set up central bank account registries or retrieval systems in all Member States;<br/><br/>

improve the cooperation and enhance of information between anti-money laundering supervisors between them and between them and prudential supervisors and the European Central Bank.

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