On June 19, the text for the Fifth Money Laundering Directive (MLD5) was published in the Official Journal of the European Union. MLD5 will enter into force on July 9, and EU member states must transpose MLD5 into their national laws by January 10, 2020.
The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the February 12, 2016 edition of the Corporate & Financial Weekly Digest).
Previous coverage of MLD5 is available in the May 18 edition of the Corporate & Financial Weekly Digest.
MLD5 is available here.