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ARTICLE · 19 OCTOBER 2016

Proposal For Amending 4AMLD Vis-à-Vis The Common Reporting Standard

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Even though the EU's Fourth Anti-Money Laundering Directive (EU 849/2015) ‘on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing' has only recently hatched from its legislative egg, . . .

European UnionGovernment, Public Sector
Christos Efthymiopoulos
Christos Efthymiopoulos
Jean-Pie Gauci-Maistre
Jean-Pie Gauci-Maistre
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Even though the EU's Fourth Anti-Money Laundering Directive (EU 849/2015) 'on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing' (hereinafter referred to '4AMLD') has only recently hatched from its legislative egg, the European Institutions and the Member States' governments agreed , in the aftermath of the Paris attacks, that further action is required to counter the novel terrorist financing trends as well as the technological advancements. This eventually led to the 'Proposal for a Directive amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC' (hereinafter referred to as the 'Amending 4AMLD'), the final draft of which was published on the 7th July 2016.

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