EU Revised Anti-Money Laundering and Terrorist Financing Framework Comes into Effect

The revised EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “4th Anti-money Laundering Directive” or “4MLD”) and the Regulation on information accompanying transfers of funds were published in the Official Journal of the European Union. Together, the legislation represents the revised EU framework on anti-money laundering and terrorist financing. Member States have until June 26, 2017 to transpose the requirements of the 4th Anti-money Laundering Directive into national law. The 4th Anti-money Laundering Directive will repeal, from June 26, 2017, the current anti-money laundering Directive and its related Implementing Directive. The Regulation will apply directly in all Member States from June 26, 2017 and will repeal the 2006 Regulation on information on the payer accompanying transfers of funds from that date.

View the 4th Anti-Money Laundering Directive.

View the Regulation.