Two-Year Wait Over As Europe Cements AMLD Reforms

After nearly two years of political wrangling and fraught negotiations the EU has formally approved the 5th Anti-Money Laundering Directive (5th AMLD), giving member states until late next year to bring in the new controls.

In a European Parliament plenary vote on Thursday, the new directive passed by 574 votes in favour to 13 against, with 60 abstentions.

Once the final text has been published in the EU’s official journal, member states will have 18 months to transpose it into national law, bringing in tough controls on anonymous prepaid cards and due diligence requirements on virtual currency firms.

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