European Lawmakers Seek To Strengthen 5th AMLD

European lawmakers took a further step on Tuesday towards empowering law enforcement to tackle illicit finance, while senior EU figures restated the need for a more centralised approach to anti-money laundering (AML) efforts.

The European Parliament Committee on Civil Liberties, Justice and Home Affairs (LIBE) has approved the deal reached with the European Council over a new measure to allow law enforcement bodies to access member states’ central registers of bank accounts.

The measure is intended not only to augment authorities’ ability to carry out their AML and counter-terrorist financing (CTF) efforts, but also to ease the burden on affected financial institutions.

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