European Council endorses agreement on new AML Rules

Feb 05, 2015

The European Council recently endorsed an agreement reached with the European Parliament on new rules to prevent money laundering  and terrorist financing.  Agreement with the Parliament was reached by the presidency in December 2014. Approval of that outcome paves the way for adoption of the package at second reading. 

The AML directive will introduce the obligation for EU member states to keep central registers on the ultimate "beneficial" owners of corporate and other legal entities, as well as trusts. The deal still needs to be endorsed by the full Parliament (March or April) and by the EU Council of Ministers. Member states will then have two years to transpose the AML directive into their national laws.

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