The Fifth Money Laundering Directive was published in the Official Journal of the EU on 19 June 2018. The final text confirms certain key dates as follows:
BENEFICIAL OWNERSHIP OF CORPORATES
Member States now have until 10 January 2020 to set up the central registers of beneficial ownership for corporates.
BENEFICIAL OWNERSHIP OF TRUSTS
Member States now have until 10 March 2020 to set up the central registers of beneficial ownership for trusts.
PAYMENT ACCOUNTS AND BANK ACCOUNTS
Member States have until 10 September 2020 to set up the centralised automated mechanisms to allow timely identification of those who hold or control payment accounts and bank accounts.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
