The Commission is calling on Member States to implement the fourth Money Laundering Directive (MLD4) by December 2016, six months earlier than currently required. It also plans to present targeted amendments to MLD4 by the summer, including amendments to:
- include a list of compulsory due diligence measures financial institutions should carry out on financial flows from high-risk third countries;
- bring virtual currency exchange platforms within MLD4’s scope; and
- lower thresholds for coverage of anonymous prepaid instruments.
The Commission also presented an action plan to strengthen the fight against the financing of terrorism (CFT). The plan’s central objectives are to:
- prevent the movement of funds and identify terrorist funding; and
- disrupt sources of revenue or terrorist organisation.
The plan involves key actions to be carried out at varying times across 2016 and 2017. Immediate actions include:
- speeding up the concrete application of UN freezing measures by the EU, through enhanced information exchange and quicker implementation; and
- giving technical assistance to third countries to help them comply with UN measures such as sanctions and asset freezing.