There was white smoke at the Council of the EU on Friday 15 December, for the fifth anti-money laundering directive, which remained in suspense pending the green light from the Germans.
Parliament was not prepared to accept a step backwards over the rules on banks' vigilance towards politically exposed persons (PEP) (see EUROPE 11926). Germany ultimately agreed to the status quo, on condition that the revision clause contained an obligation for the Commission to assess the proportionality...