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Today the last negotiation (trialogue) between the European Parliament,
Council of Member States and European Commission failed to strike a
deal for the 5th reform of the EU anti-money laundering directive
(AMLD). The European Parliament voted in February 2017 an ambitious
position to curb money laundering and financial crimes like tax
evasion. The Parliament has been negotiating with the Maltese
presidency in order to agree an improved legislative framework.
MEP Sven Giegold, financial and economic policy spokesperson of the
Greens/EFA group commented:

"It is embarrassing to see the Member States putting national special
interest above the fight against financial crimes. The loopholes in the
enforcement of existing money laundering rules are a threat to European
security and favours tax evasion.

It is unacceptable that member states want trusts to be regulated more
lightly than companies even if they serve the same purposes to
administer private wealth. The progress on the access to beneficial
ownership information for ordinary companies is welcome but not

Lawyers, notaries and corporate service operators have to enforce anti-
money laundering rules as strictly as banks. They have to be strictly
and independently supervised.

The Council even demanded to weaken rules for politically exposed
persons, so that the Maltese members of government would potentially no
longer be subject to enhanced customer due diligence.

The Member States are even refusing to establish real estate registers
which allow to find hidden wealth of criminals. The UK, France, Italy
and many other Member States have national land registers. The German
government refuses to come to European standards although Italy has
often complained that the German property market is a safe haven for
Mafia money.

We will put all our efforts into getting a better deal under the coming
Estonian presidency. Member states should become serious to fight
financial crime."

You can find the strong demands included in the negotiating mandate of
the European Parliament here:

Please find below an overview of the state of the negotiations between
European Parliament, Commission and Council after the latest trialogue
of 28 June 2017:


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