The fifth anti-money laundering directive

Speaker: Emily Deane TEP, STEP

The Fifth Anti-Money Laundering Directive, made amendments to the 4AMLD, and updates the EU’s approach to tackling money laundering. It is due to be implemented in member states by January 2020.

There are concerns around its implementation. 5AMLD widens the category of trusts that need to be reported in addition to widening the scope for access to the beneficial ownership information of trusts. The expanded accessibility provisions are currently uncertain and it is unknown how each member state will interpret the ‘legitimate interest’ requirement. There are also concerns in relation to the interpretation of ‘business relationship’ in Article 31.

The webinar discusses these issues and others which may have an impact on the private client industry when the Directive is implemented.