Fourth Money Laundering Directive

As an update to the article in Regulatory Roundup 61 on the progress of the (fourth) Money Laundering Directive (‘4MLD’), the European Council (‘EC’) has recently issued a press release.

We are advised that the EC has approved the current text of 4MLD. For this purpose, 4MLD refers to both the Directive on money laundering and the Regulation which will apply to the transfer of funds sent or received by a payment service provider.

According to the release, the EC decision will allow the European Parliament to adopt the package at a second reading (no date provided save for ‘forthcoming’).

As a reminder, when the Directive finally comes into force, Member States will have two years to transpose the requirements into national law.