Anti-Money Laundering: EU Council Presidency publishes compromise textAnti-Money Laundering: EU Council Presidency publishes compromise text

The EU Council Presidency has published a compromise text for the proposed Directive amending the fourth Anti-Money Laundering Directive (AMLD 4) to grant tax authorities access to information on the beneficial ownership of companies held by authorities responsible for the prevention of money laundering. Granting access to this information is intended to ensure tax authorities are better able to fulfil their monitoring obligations and thereby help prevent tax evasion and fraud. Under the proposed Directive, tax authorities will be able to access information on the beneficial ownership of financial account holders in intermediary structures. The proposed Directive also addresses new means of terrorist financing such as prepaid cards and virtual currencies, and seeks to improve cooperation between the Member States' financial intelligence units.

The Presidency is aiming for an agreement on the proposed Directive by the end of 2016, to enable negotiations with the EU Parliament to start early in 2017.