AML 5th Directive Update: Are You Ready?May 2020
5AMLD was adopted by the European Council in May 2018 and was subsequently published in the Official Journal of the European Union (OJEU) on 19 June 2018.
It is anticipated that 5AMLD will be transposed into Irish law in 2020. The deadline however has now passed (20th January 2020). The purpose behind 5AMLD was to amend and strengthen certain parts of 4AMLD in light of the terrorist attacks carried out across Europe in 2016/2017 and the revelations contained within the Panama papers.
Unlike previous EU Anti-Money Laundering Directives, 5AMLD made amendments to 4AMLD as opposed to repealing and replacing it outright. The Government approved the drafting of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill along the lines of the General Scheme below on 3 January 2019.
General Scheme Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019
Intermediaries should have already performed a gap analysis of these changes to ensure that when government form and the new legislation is approved they are compliant.
By Judy de Castro - Regulatory Consultant