Ireland:
Council Of The EU Adopts Fifth Money Laundering Directive (MLD5)
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On 14 May, the Council adopted the text of MLD5, which aims to
strengthen existing EU anti-money laundering and counter terrorist
financing rules. The main changes introduced by MLD5 are: widening
access to information on beneficial ownership in respect of
companies and trusts; addressing risks linked to prepaid cards and
virtual currencies; enhancing co-operation between financial
intelligence units; and improving checks on transactions involving
high-risk third countries. The directive will shortly be published
in the Official Journal of the EU.
The Council's press release is here.
This article contains a general summary of developments and
is not a complete or definitive statement of the law. Specific
legal advice should be obtained where appropriate.
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