Analysing the major amendments to be brought about by The Fifth Anti-Money Laundering Directive

As Europe was still digesting and implementing the provisions of the Fourth Anti-Money Laundering Directive in 2016, a fresh proposal was drawn up by the European Commission for a new legislative initiative to cater for recent economic and political developments throughout the globe which demonstrated crucial loopholes in existing Anti-money laundering legislation. Of particular concern to legislators was the growth and evolution of terrorist financing as well as revelations such as Swiss leaks and the Panama Papers which shed light on a number of key deficiencies in the global financial services ecosystem. This was coupled with the increasing popularity of new innovations such as virtual currencies, which have also brought about new regulatory challenges.

The proposal eventually evolved into the Fifth Anti-Money Laundering Directive (“5th AMLD”) which was adopted by the European Parliament on the 19th of April 2018 and was published in the Official Journal of the European Union on

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