About one year after the entry into force of the fourth
anti-money laundering directive and terrorist financing, a new
directive in that regard entered into force on 9 July 2018.
Responding notably to the Panama Papers revelations in April
2016, the 5th anti-money laundering directive introduces stricter
transparency requirements. The key provisions (a) aim at full
public access about the persons who really owns companies and
trusts, (b) limit the use of anonymous payments through electronic
money products (including virtual currency exchange platforms), and
(c) widen customer verification requirements and criteria for
assessing high-risk third countries.
The new directive also improves the cooperation and exchange of
information between anti-money laundering and prudential
supervisors (European Central Bank, European Banking Authority,
European Insurance and Occupational Pensions Authority, European
Securities and Markets Authority) who will hold a first exchange
