On 20 April 2015, the Council announced that it had adopted MLD4 and the revised WTR at first reading. MLD4 and the revised WTR are designed to strengthen the EU’s defences against money laundering and terrorist financing. MLD4 extends the scope of the existing EU regime under the Third Money Laundering Directive (“MLD3”). New provisions, pursuant to MLD4, include (i) capturing more people trading in goods by reducing the making or receiving cash payments to €10,000 (the current threshold under MLD3 is €15,000); (ii) requiring corporate entities to provide more information on beneficial ownership; and (iii) tightening the rules on customer due diligence. Alongside these new provisions (and others), the revised WTR replaces the existing Regulation (EC) 1781/2006 and sets out the requirements essential to ensure the traceability of fund transfers. Both MLD4 and the revised WTR are intended to ensure consistency between national rules.