EU adopts MLD5

The Council has formally adopted MLD5 in its meeting of 14 May. The changes to MLD4, already agreed between the Council and Parliament, include:

  • greater transparency of beneficial ownership of companies and trusts;
  • addressing the risks of prepaid cards and virtual currencies;
  • greater cooperation between FIUs; and
  • enhanced checks on transactions involving high-risk countries.

The Directive has not yet been published in the Official Journal.