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New EU rules on money laundering and terrorist financing

The Council of the EU has today 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, said a statement from the Council. The new rules come as an amendment to directive 2015/849, are are 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.

The directive was adopted at a meeting of the General Affairs Council following approval of the agreed text by the European Parliament last month.

“These new rules respond to the need for increased security in Europe by further removing the means available to terrorists,” said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “They will enable us to disrupt criminal networks without compromising fundamental rights and economic freedoms."


This item appears in the following sections:
Bank Relationship Management & KYC
Know Your Customer
Fraud Prevention
Anti-Money Laundering Fraud Prevention
Terrorist Financing

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