On February 6, 2018, the Department of Financial Policy at the Ministry of Finance published a draft law on the detection and prevention of money laundering and terrorism financing, incorporating almost all provisions of the EU 4th Anti-Money Laundering Directive (4th AMLD) and EU 5th Anti-Money Laundering Directive (5th AMLD).
The bill aims to replace the current fragmented legal regime for anti-money laundering and counter-terrorism financing (AML/CTF) with one codified legislative instrument. Although it maintains some of the old provisions that are not directly provided for in the 4th AMLD, for example, keeping the strategy committee (suggested Article 12) or the central regulatory body (suggested Article 7), at the same time it modernises the whole legal framework.
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