The European Council, configured as the Agriculture and Fisheries Council, has “adopted its position at first reading“ on the 4th Anti-money Laundering Directive (AMLD4). Our earlier blog on the progress of the Directive is here.
The text of the Directive, agreed by the Council yesterday, is widely expected to be adopted by the European Parliament (EP) without amendment, at its second reading. The EP’s legislative observatory file for the Directive is still to be updated to show when the second reading will be.
After the Directive has been adopted by the EP, it will be published in the Official Journal of the European Union, and enter into force 20 days after that. Member states will have two years from the date the Directive enters into force to transpose it into their national laws. Our related blog on the Second Information Accompanying Transfers of Funds Regulation is available here.