5MLD – the line-by-line analysis

The European Union’s Fifth Money Laundering Directive – which in part responded to terrorist attacks in Paris and Brussels as well as the Panama Papers leaks – took effect on 10 January 2020 for the strengthened Customer Due Diligence provisions. The Government is now finalising technical legislation to implement the Trust Registration Service aspects. Adam Samuel dissects how 5MLD upgrades the Fourth Directive.

Adam SamuelBA LLM DipPFS MCISI FCIArb Certs CII (MP&ER) Barrister and Attorney may be contacted atadamsamuel@aol.com.For links to where you can buy the second edition of ‘Consumer Financial Services Complaints and Compensation’, see www.adamsamuel.com/book.

The 5MLD is yet another attempt to stem the ever-flowing tide of money laundering and terrorist finance. It is essentially an amending directive, adjusting, redrafting and adding to the Fourth Directive. The result is not easy to read.