The new edict is titled the Fifth Anti-Money Laundering Directive. Its proposals included stricter border controls, tighter laws on firearms and more inclusive information sharing policy amongst state bodies. Additionally, the legislation aimed to introduce stricter controls for tax-related activities because of evident causation between funding and terrorism and other crimes.
The council explained the motivation behind the new legislation as well as its relatively speedy ratification.“The brutal terrorist attacks in France, Belgium and other European countries and the leaks concerning the laundering of money from criminal activities in tax havens, the most recent of which was the ICIJ ( 2 ) Panama papers leak, have led the Commission to propose new measures for the prevention of the use of the financial system for the purposes of money laundering and terrorist financing.”
Crypto providers now ‘Obliged Entities’
The new directive touched on a number of aspects of the global