On 30 May 2018, new Directive of the European Parliament and of the Council 2016/0208/COD amending Directive (EU) 2015/849 on the Prevention of the Use of the Financial System for the Purposes of Money Laundering or Terrorist Financing and amending Directives 2009/138/EC and 2013/36/EU that regulate financial services markets was officially published. The new Directive, known as the Fifth Anti-Money Laundering Directive (5AMLD), becomes effective in 20 days after its publication in the Official Journal of the European Union.
New requirements laid down in the 5AMLD have a direct impact on Ukrainian business owners that carry out commercial activities in the EU, as well as owners of the property located in the EU countries.
Main amendments and innovations of the 5AMLD are as follows:
Widening monitoring requirements to new subjects
Issues of cryptocurrencies and transactions in cryptocurrencies
It is expected that upon taking effect the 5AMLD will result in the necessity for owners of monetary funds and property located in the EU to revise their asset structuring policy.
For further information please contact Asters' Private Clients practice partner Oleksandr Onufrienko.