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).