|EU Council Calls for Emergency Amendments to 4ML|
Finance ministers of EU member states have called for the European Commission to add extra anti-terrorism measures to the Fourth Anti-Money Laundering Directive (4ML) before it has even been transposed into national law.
The Commission published proposed measures on 2 February, prompted by last November's terrorist attacks in Paris. The proposed measures would grant member states' law enforcement officials full access to bank account information, and further restrict the movement of cash and prepaid cards. They would also establish a blacklist of third countries whose money laundering regimes are unsatisfactory, and which will be subjected to more stringent customer due diligence procedures.
Member states' governments have now urged the Commission to produce detailed plans as soon as possible. Suitable amendments to 4ML are to be tabled by the second quarter of this year, accompanied if necessary by amendments to the Second Payment Services Directive and the Cash Controls Regulation.
The deadline for implementing 4ML in each member state's national legislation is to be advanced to the end of 2016, whether the new amendments are ready or not.
The blacklist of 'deficient' third countries is to be prepared by 1 May this year. New cash controls, including the possible abolition of the EUR500 note, will also be ready by 1 May.
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Published on our website on Feb.19, 2016