The European Parliament and the Council of European Union reached an agreement last month on amendments to a fifth revision of the Anti-Money Laundering Directive, proposed by the European Commission last year.
First, a bit of background: The fifth revision of the Anti-Money Laundering Directive (AMLD 5) was first proposed by the European Commission in July 2016 with the aim of preventing the financial system from being used for the purposes of money laundering or terrorist financing. In the latest action measure, the European Parliament, the Council, and the European Commission on 20 December 2017 reached an agreement on a compromise text.
