The European Parliament has announced the approval of the fifth update to the Anti-Money Laundering Directive, with a vote of 574 for, 13 against, and 60 abstentions.
According to a release from the European Commission on the Parliament's approval, the fifth Anti-Money Laundering directive will:
- enhance the powers of EU Financial Intelligence Units and facilitating their increasing transparency on who really owns companies and trusts by establishing beneficial ownership registers;
- prevent…