Policy makers in Europe continue to explore responses to the Panama Papers revelations and recent terrorist attacks. On 28 February, European law makers approved important amendments to the EU’s Anti-Money Laundering (AML) Directive, 2015/849 (the “Directive”) that would implement new rules to combat money-laundering, terrorism financing and tax evasion.
The amendments would include:
- Expansion of AML obligations to trusts and certain virtual currency platforms;
- Public access to registers of beneficial ownership information; and
- Lower value thresholds for regulation of pre-paid instruments.