Fourth Money Laundering Directive

On 24 February 2014, the Council of the EU published a compromise proposal (dated 21 February 2014) on the proposed Fourth Money Laundering Directive or MLD4.

This follows a press release from the EU Parliament announcing that its Economic and Monetary Affairs Committee (ECON) and Civil Liberties, Justice and Home Affairs Committee (LIBE) have voted to adopt a draft report on the proposed Fourth Money Laundering Directive which will replace the Third Money Laundering Directive (2005/60/EC).

The committees' amendments will be put to a vote by the EU Parliament at its 10 to 13 March 2014 plenary session. The new Parliament (which will be elected in May 2014) will begin negotiating the legislation with the European Commission and Council of the EU in the second half of 2014. ECON updated a webpage highlighting a likely delay to MLD4 on 18 February 2014

FATF

On 17 February 2014, the Financial Action Task Force (FATF) published the outcomes of its February plenary meeting, where it: