Money Laundering: Beneficial Ownership Registers Remain the Stumbling Block to 4AMLD

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Several EU Member States have still not implemented the EU Fourth Anti-Money Laundering Directive, nine months after the implementation deadline which was officially the 26th of June 2017, however due to late amendments from the EC, and delays over concerns regarding privacy and publically accessible central registers.

Member states who have struggled with implementation include: Cyprus, Greece, the Netherlands, Poland, Romania, Luxembourg, Bulgaria and Ireland. Ireland has notoriously had significant difficulties recently with the effective establishment of a beneficial ownership register and has hit many roadblocks with implementation.

Additionally, the 5th Anti-Money Laundering Directive is underway to be released which will likely bring about more amendments throughout 2019, including the expansion of the beneficial ownership regime to encompass a wider range of trusts and other asset vehicles.