09/07/2018 (Agence Europe) – The fifth anti-money laundering directive, which was proposed by the Commission in July 2016, entered into force on Monday 9 July. Readers may recall that the Council of the EU and the European Parliament reached agreement on the text on 16 December 2017 (see EUROPE 11927). The new rules tighten up controls over certain means of payment that can be used for terrorist purposes and extend access to information on the beneficial ownership and ownership of companies and trusts. “Gaps in one member state will have an impact on all others. I urge member states to stay true to their commitment and update their national rules as soon as possible”, said the European Commissioner for Justice, Vera Jourova, in a press release. The member states must transpose these new rules into their national legislation by 10 January 2020. (MF)