14/05/2018 (Agence Europe) – Nearly a month after the European Parliament (see EUROPE 12005), it was the Council of the EU's turn, on Monday 14 May, to approve, without discussion, the inter-institutional agreement on the fifth proposed 'anti-money laundering' directive. The directive tightens up controls over certain means of payment that can be used for terrorist purposes and extends access to information on beneficial ownership and the ownership of companies and trusts. It also provides for stricter controls on financial transactions involving persons from high-risk third countries. These new rules will help to “disrupt criminal networks without compromising fundamental rights and economic freedoms”, said the Bulgarian finance minister, Vladislav Goranov. The new rules will enter into force 18 months after their publication in the Official Journal of the EU, with a longer period to apply for the transparency of the beneficial owners of trusts. (MF)