ARTICLE · 15 APRIL 2021

Arthur Cox Q&A: MLD5 Transposition And AML Horizon-Scanning

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The transposition of the Fifth Money Laundering Directive (MLD5) into Irish law last month, the expected deliverables under the European Commission's AML Action Plan...

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Sinead Cantillon

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The transposition of the Fifth Money Laundering Directive (MLD5) into Irish law last month, the expected deliverables under the European Commission's AML Action Plan, and the European Banking Authority's recent guidelines, opinion and consultation all serve as reminders of the strategic importance attached to AML and CFT at EU level and in Ireland.

This Q&A examines:

the transposition of MLD5 into Irish law
the welcome clarification on the scope of the framework for the beneficial ownership of express trusts
the expected deliverables under the European Commission's AML Action Plan
the areas of the EU's anti-money laundering/countering the financing of terrorism (AML/CFT) framework on which the European Banking Authority (EBA) was focused on Q1 2021

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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