By Samantha Sheen, AML Director Europe, ACAMS
13 December, 2016

“It will be of little avail to the people that the laws are made by men of their own choice, if the laws are so voluminous that they cannot be read, or so incoherent that they cannot be understood: if they be repealed or revised before they are promulg[at]ed, or undergo such incessant changes, that no man who knows what the law is to-day, can guess what it will be to-morrow”.

James Madison (1751-1836)

Introduction

Timing is everything.

Just as I was putting the finishing touches on my last blog about the 5th Anti-Money Laundering Directive (“5AMLD”) lo and behold, a further revised version was released. This is the counter proposal by the European Council in response to the European Parliament’s proposed 4AMLD amendments, which I summarised in my blog last week. The European’s Council’s counter-proposal is referred to as the Second Compromise Text for the 4AMLD.

There are number of changes being proposed that are in addition to those I summarised in my last blog. I’ve updated my summary so that these latest changes can be readily identified and you can see whether they differ from earlier proposed amendments.

You’ll note that the transposition requirement has been amended yet again. The Second Compromise Text amends this requirement by proposing that the final agreed version of the 4AMLD will need to be implemented within 6 months of the Directive’s publication in the Official Journal of the European Union. For the implementation of registers, these must be implemented 18 months following publication.

As the updated summary is rather long, you’ll find it here as a downloadable separate document.

I could also share with you further suggested amendments to the 4AMLD described in the Opinion published by the Committee on Development, dated 1 December 2016. But let’s leave that for another day.

Concluding Thoughts

I would love to say that this is the last set of changes we are likely to see but I doubt it. Watch this space. I’ll do my best to try and keep you up to date.