The Fifth Anti-Money Laundering Directive (5AMLD) makes various changes to the Fourth Anti-Money Laundering Directive (4AMLD).
5AMLD which was adopted by the Council of the EU on 14 May 2018 came into force on 9 July 2018 with an 18 month transposition period.
In brief, the key changes included in 5AMLD relate to:
- broadening access to information on beneficial ownership, improving transparency in the ownership of companies and trusts;
- addressing risks linked to prepaid cards and virtual currencies;
- cooperation between financial intelligence units; and
- Enhanced checks on transactions involving high-risk third countries.
The Department of Finance has advised that it is considering the implications of 5AMLD for the central register of beneficial ownership of companies and industrial & provident societies and will provide an update in the near future.