European national authorities are being urged to introduce the 5th Anti-Money Laundering Directive (5th AMLD) early, as the union looks to harden its response to a recent string of financial crime scandals.
The directive must be transposed into national law across all EU member states by January 10, 2020, bringing in tougher controls on prepaid cards, regulating virtual currencies for the first time and establishing a more comprehensive beneficial ownership regime.
However, a new set of draft recommendations produced by a European Council committee suggested authorities at national level should bring in the reforms “ahead of the 2020 deadline”.
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