Council of EU Agrees on General Approach on the Fourth Money Laundering Directive and Revised Wire Transfer Regulation

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On June 15, the Council of the EU published a note (dated June 13, 2014) outlining the general approach of the Presidency of the Council of the EU to the proposed Fourth Money Laundering Directive (MLD 4).

On June 15, the Council of the EU also published a note (dated June 13, 2014) outlining the general approach of the Presidency of the Council of the EU to the proposed revised Wire Transfer Regulation (WTR).

On June 18, the Council of the EU published a press release stating that its Permanent Representatives Committee has called upon the incoming Italian presidency to begin negotiations with the European Parliament to adopt MLD 4 and the revised WTR.

MLD 4 contains, among other things, specific provisions concerning the identification of beneficial ownership. The proposed directive and regulation are intended to ensure consistency between EU anti-money laundering rules and the international approach. MLD4 ApproachWTR ApproachPress Release.

Topics:  Anti-Money Laundering, EU, Fraudulent Wire Transfers, Money Laundering

Published In: Criminal Law Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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