The Council of the EU has published three notes from the Presidency to Council delegations, namely a:
- proposed Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (MLD4);
- proposed Regulation to amend and replace Regulation on information on the payer accompanying transfers of funds; and
- proposed Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and a proposed Regulation of the European Parliament and of the Council on information accompanying transfers of funds.
Although MLD4 did raise some concerns with regard to the storage of beneficial ownership information, the level of pecuniary sanctions and the exemption from certain customer due diligence requirements for non-reloadable e-money instruments, the current Presidency believes that a reasonable compromise has been achieved and invites the incoming Presidency to reach an agreement on these aspects at early second reading.
View Proposal for a Regulation of the European Parliament and of the Council on information accompanying transfers of funds – general approach, 26 May 2014
