FIFTH ANTI-MONEY LAUNDERING DIRECTIVE AIMS TO PLUG CRITICAL CRYPTO REGULATORY GAPS
September 1st, 2019
THE EUROPEAN Union’s (EU) fourth anti-money laundering directive had not even been implemented before Panama Papers revelations on massive tax evasion highlighted critical gaps in the bloc’s regulatory framework, especially regarding cryptocurrencies and prepaid cards. The result was directive (EU) 2018/843 of May 30, 2018 commonly known as the fifth anti-money laundering directive.
It extends EU requirements such as beneficial ownership and due diligence, to cryptocurrencies, such as Bitcoin, by including virtual currency exchange platforms and ...
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