An overview of the 5th Money Laundering Directive
Other articles (Insolvency Practitioner, May 2020):
- Michelle Thorp, CEO
- Carrie James, Immediate Past President
- Interested in a secondment at the IPA?
- A reminder on the Statements of Insolvency Practice consultation
- A reminder on Insolvency Practitioner exclusion from Financial Conduct Authority regulation
- Five minutes with… Anna Dickinson, Senior Regulation Officer at the IPA
- Staff changes at the IPA
The 5th Money Laundering Directive (5MLD) was enacted on 10 January 2020.
The Directive was introduced by the EU in response to changes in how terrorists operate, the publication of the Panama Papers, the use of offshore accounts and the increased use of crypto-currencies and other digital currencies for the purposes of money laundering.
The Consultative Committee of Accountancy Bodies (CCAB) has produced a guide to the Directive. This is currently awaiting H M Treasury approval. Once this is completed, we will circulate a copy of the guidance and place it on our website.