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Markets and Securities Services |
Europe
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Overview
The Fourth EU Anti-Money Laundering Directive
(EU 2015/849)
1
(4AMLD), which came into force
on 26 June 2015, will replace the Third Anti-
Money Laundering Directive (2005/60/EC)
2
and must be transposed into the national law
of Member States by 26 June 2017. On 5 July
2016, in response to terrorist attacks in Europe
in 2015/2016 and the leak of the Panama papers,
the EU Commission published proposals
3
to amend 4AMLD (which amendment proposals
for the purposes of this article are referred to as
5AMLD), including, rather ambitiously, to bring
the transposition date forward to 1 January
2017. The EU Council Presidency has issued no
less than 5 compromise proposals to 5AMLD,
finally agreeing its negotiating mandate on 20
December 2016 for discussions with Parliament.
The Council Presidency has indicated that it
seeks to conclude negotiations on 5AMLD by
30 June 2017, though the overall EU legislative
process is still uncertain. The fifth compromise
proposal of AMLD5 requires it to be transposed
into the laws of the Member States within 12
months of publication, with a transition period
of up to 36 months for certain provisions. The
original 26 June 2017 transposition date for
4ALMD thus stands.
THE FOURTH EU ANTI-MONEY
LAUNDERING DIRECTIVE: HOW
WILL IT IMPACT THE ASSET
MANAGEMENT AND INVESTMENT
FUND INDUSTRIES?