On 27 May 2014, the Council of the EU published two notes from the EU Presidency to Council delegations:

  • The first note contains the text of the proposed Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the Fourth Money Laundering Directive) in advance of the meeting of the Permanent Representatives Committee (COREPER) on 28 May 2014.
  • The second note contains the text of the proposed Regulation to amend and replace Regulation (EC) 1781/2006 on information on the payer accompanying transfers of funds (Wire Transfer Regulation) in advance of the COREPER meeting on 28 May 2014.

The Council also published a note from the Presidency to COREPER giving background on these proposals and setting out some of the issues of concern, such as the storage of beneficial ownership information, the level of pecuniary sanctions, and the exemption from certain customer due diligence (CDD) requirements for non-reloadable e-money instruments. The Presidency invites the incoming Presidency to pursue negotiations with the EU Parliament with a view to reaching an agreement at second reading.