Short Reads

Update on the implementation of the Fourth Anti-Money Laundering Directive

Update on the implementation of the Fourth Anti-Money Laundering Dire

Update on the implementation of the Fourth Anti-Money Laundering Directive

04.08.2017 NL law

The Fourth Anti-Money Laundering Directive (EU/2015/849) should have been implemented in the Netherlands before 26 June 2017. This deadline has not been met. The Dutch legislator indicated that the final text of the legislative proposal is expected after the summer of 2017. Meanwhile, there have been several developments on a European and national level with respect to anti-money laundering and anti-terrorism financing.

The implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849, the "Fourth AMLD") is in full process. In summary, the most important recent developments are:

  • On 5 July 2016, the European Commission published a new proposal amending the Fourth AMLD. The current implementation in Dutch law does not yet cover these changes. This proposal is yet to be approved by the European Parliament.
  • On 26 June 2017, the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) published their final guidelines on anti-money laundering and anti-terrorism financing. These guidelines contain a general part and a sector-specific part (e.g. banks, e-money institutions, investment firms, life insurers).
  • On 26 June 2017, the European Commission published its first report carried out at a supranational level in the European Union, on the risks of money laundering and terrorism financing. It analyses the risks of money laundering and terrorism financing and proposes a comprehensive approach to address them. The report also addresses specific sectors (e.g. financial sector, gambling sector, cash/goods, non-profit).
  • On 14 July 2017, the Dutch Ministry of Finance published its report (in Dutch only) on the consultation of the implementation of the Fourth AMLD:
    • The respondents to the consultation document were negative on those aspects where the Dutch legislator was stricter than the Fourth AMLD. The Dutch Minister of Finance indicated that the final text of the legislative proposal will amend these aspects in order to be more in line with the Fourth AMLD;
    • The laws and regulations promulgated under the Dutch Anti-Money Laundering and Anti-Terrorism Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme) will contain more details with respect to the definition of ultimate beneficial owners ("UBO") and politically exposed persons. The Dutch Minister of Finance explicitly stated that this will not mean that additional criteria to determine the UBO or politically exposed person will be included in "lower" legislation.
  • The UBO register will be established based on a different legislative proposal than the legislative proposal implementing the Fourth AMLD. The final text of this proposal is also expected after the summer of 2017. Please see also our newsletter for more details on the UBO register (in Dutch only).

Team

Related news

08.11.2019 BE law
Interview with Wouter Ghijsels on Next Gen lawyers

Articles - Stibbe’s managing partner Wouter Ghijsels shares his insights on the next generation of lawyers and the future of the legal profession at the occasion of the Leaders Meeting Paris where Belgian business leaders, politicians and inspiring people from the cultural and academic world will discuss this year's central theme "The Next Gen".

Read more

07.11.2019 NL law
Banking & Finance 2019 Second Edition – The Netherlands and Luxembourg chapter

Articles - Maarten de Bruin, Rein van Helden, Rogier Raas and Robert Steeg have all contributed to the Chambers and Partners Banking & Finance 2019 Second Edition, providing the Netherlands chapter. The Luxembourg chapter was written by Gérald Origer, Jean-Marc Delcour, Steven Paridaens and Nicolas Pradel.

Read more

31.10.2019 NL law
EBA Publishes Follow-Up Report on 2018 FinTech Roadmap

Short Reads - Building on its 2018 FinTech Roadmap, the EBA has issued a report focused on potential impediments to the cross-border provision of banking and payment services. In the 29 October 2019 report, the EBA identifies three regulatory areas in which the further integration of European banking and payment services markets can be improved.  The three areas the EBA addresses are authorisation and licensing, conduct of business and consumer protection requirements, and anti-money laundering ("AML") and countering the financing of terrorism ("CFT").

Read more

05.11.2019 LU law
Stibbe renforce son cabinet au Luxembourg avec l’arrivée de Johan Léonard en qualité d’associé au sein du département de droit fiscal

Inside Stibbe - Luxembourg, 5 novembre 2019 – Stibbe renforce son cabinet luxembourgeois avec le recrutement latéral de Johan Léonard, associé au sein de la pratique de droit fiscal. Son arrivée permettra au cabinet d’augmenter son offre fiscale au Luxembourg afin de mieux répondre à l’évolution des besoins du marché. Johan a rejoint Stibbe le 4 novembre 2019.

Read more

Our website uses functional cookies for the functioning of the website and analytic cookies that enable us to generate aggregated visitor data. We also use other cookies, such as third party tracking cookies - please indicate whether you agree to the use of these other cookies:

Privacy – en cookieverklaring