Committee on Legal Affairs

European Parliament Publishes Report on Fifth Money Laundering Directive Proposal

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On March 9, 2017, the European Parliament published a report on the Fifth Money Laundering Directive (MLD5), this being the same report adopted by the Parliament’s Economic and Monetary Affairs Committee (ECON), as well as Parliament’s Civil Liberties, Justice and Home Affairs Committee (LIBE).

The report focuses on draft EP legislation resolutions and also contains opinions from the Committee on Legal Affairs (JURI), Development (DEVE) and International Trade (INTA).

Following publication of the report, the EP must now permit MEPs to start discussions with the European Commission and the Council to begin the process of amending and potentially implementing the directive so that it can be integrated by Member States.

European Parliament Committee Publishes Opinion on Money Laundering Directive 4

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On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the Directive that is proposed to amend and replace the Third Money Laundering Directive (2005/60/EC) (or MLD3).

JURI’s opinion on the new Directive or the Fourth Money Laundering Directive (MLD4) is addressed to the European Parliament’s Economic and MLD4Committee (ECON) and its Civil Liberties, Justice and Home Affairs Committee (LIBE), who are expected to vote on a draft report on January 22.  The opinion sets out detailed amendments that JURI believes should be made to MLD4 on a range of matters, including whistleblowing, personal data and beneficial ownership information.

MLD4 is expected to come before the European Parliament in March 2014, with the new regime likely to come into force some time in 2016.  Opinion.