At this moment there are still discussions taking place regarding revision of the 4th Anti- Money Laundering Directive (AMLD4). The Council of Bars and Law Societies of Europe (CCBE) reports in its latest newsletter:
Proposed revision of the 4th Anti- Money Laundering (AML) Directive
Discussions are continuing at a Council (Member State) and European Parliament Committee level. The Council aims to reach a common position on the proposal, by the end of the year. There are a number of potential issues remaining, including issues relating to public disclosure of information on beneficial ownership.
At Parliament level, the two lead Rapporteurs have produced a joint draft report (both the Parliament ECON and LIBE Committees are responsible for this file). The deadline for additional amendments was 7 December and a vote is scheduled to take place in the Parliament Committee on 25 January. From a procedural point (beyond 25 January), as soon as the European Parliament and the Council reach their respective positions on the proposal, they will carry out ‘trilogue’ negotiations, assisted by the Commission, with a view to reaching an agreement on the proposal.
There are several documents related to the European Parliament to be found in European sources:
- Committee draft report 7 November 2016, ECON/LIBE – with amendments
- Committee opinion 1 December 2016 Committee on Development
- Committee opinion 8 December 2016 Committee on International Trade
- Committee on Legal Affairs 14 December 2016, draft opinion with amendments 15-97
- Committee draft report 7 November 2016 with 49 amendments (Committee on Economic and Monetary Affairs, Committee on Civil Liberties, Justice and Home Affairs)
- Amendments 15-97 Committee on Legal Affairs, European Parliament (55 pages)
- Newsletter CCBE November-December 2016
- European Parliament procedure file
- Eur-Lex procedure file
Addition 28 december 2016
The Council on 20 December 2016 published the following press release:
20/12/2016 | press release
Money laundering and terrorist financing: Council agrees its negotiating stance
The Council has agreed its negotiating stance on strengthened EU rules to prevent money laundering and terrorist financing.
On 20 December 2016, the Permanent Representatives Committee, on behalf of the Council, asked the incoming presidency to start talks with the European Parliament.
The draft directive pursues two main objectives:
• preventing the financial system being used for the funding of criminal activities;
• strengthening transparency rules to prevent the large-scale concealment of funds.
It is aimed at closing down the financial means of criminals without creating unnecessary obstacles to the functioning of payment systems and financial markets. The text amends directive 2015/849, adopted in May 2015.
Following a spate of terrorist attacks in Europe, it seeks to balance the need for increased security with the need to protect fundamental rights and economic freedoms.
The proposal is part of a Commission action plan against terrorist financing, on which the Council adopted conclusions on 12 February 2016. It also responds to the April 2016 Panama Papers revelations.
A pdf document regarding the above is to be found here. It refers to:
- Draft of 19 December 2016 of the AMLD4 revision
- Statement accompanying the draft
- Factsheet February 2016 regarding terrorist financing
and some other documents.