The new legal framework was approved at EU Parliament level on 20 May 2015. The approval marked the conclusion of the ordinary legislative procedure.
The 4th AML Directive and the Regulation on information accompanying transfers of funds to secure “due traceability” of these transfers (which will repeal Regulation 1781/2006) are expected to be published in the Official Journal of the EU in June-July 2015.
The strengthened framework will contribute to the fight against terrorist financing and money laundering by:
- facilitating the work of Financial Intelligence Units from different MS to identify and follow suspicious transfers of money and facilitate the exchange of information;
- establishing a coherent policy towards non-EU countries that have deficient anti-money laundering and counter-terrorist financing regimes;
- ensuring full traceability of funds transfers within, to and from the EU.
A thorough analysis of the legislation will be carried out once the texts are officially published.