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Presidency and Parliament Reach an Agreement Re Money Laundering & Terrorist Financing


20 February 2018

On the 20 December 2017, an agreement was confirmed relating to the strengthened EU rules to prevent money laundering and terrorist financing.
The agreement between the presidency and the European Parliament, aims to close down criminal finance without the normal functioning of financial markets and payment systems.

Amending directive 2015/849, the agreed text seeks to balance the need for increased security with the protection of fundamental rights and economic freedoms. Kyckr will be adding EU Corporate Ultimate Beneficial Ownership (UBO) database access in future.
The revised text clarifies the position for Corporate Beneficial Owners, and the Beneficial Owners of Trusts. Access to BO registers of trusts will be available on a “legitimate interest” basis.

National BO registers need to hold ‘adequate, accurate and current’ information. In respect to access to their beneficial ownership information, rules that apply to trust and similar arrangements will be comparable to the rules that apply to corporate and other legal entities. New measures are also proposed for addressing risks linked to prepaid cards and virtual currencies.

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