The Fifth Money Laundering Directive (5MLD) introduces a number of amendments to 4MLD that are designed to increase the transparency of financial transactions and strengthen the fight against terrorism, including:

  • Improving the safeguards for financial transactions to and from high risk third countries by establishing a minimum set of enhanced due diligence (EDD) requirements.

  • Introducing new measures to address the risks linked with virtual currencies.  Cryptocurrency platforms, custodian wallet providers, currency exchanges, cheque cashing offices and trust or company service providers will now have to be registered and they will be expected to apply the same customer verification and customer due diligence controls as banks.

  • Reducing the threshold for identifying the holders of pre-paid instruments, such as pre-paid cards, to €150.

  • Closer scrutiny of transactions involving nationals from risky countries

  • Greater protection and the right to anonymity for whistleblowers who report money laundering.

  • An extension to bring tax advisory services, letting agents and art dealers into the regulation. 

The detail was set out in a press release issued on 19 April 2018 and in the adopted text published by the European parliament 

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