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Can you summarize EU 2018/843?
European Union - Directives > Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (Text with EEA relevance)
Short Summary
Directive (EU) 2018/843 of the European Parliament and of the Council amends Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The Directive aims to ensure increased transparency of financial transactions, corporate entities, trusts, and similar legal arrangements. It extends the scope of Directive (EU) 2015/849 to include providers engaged in exchange services between virtual currencies and fiat currencies, as well as custodian wallet providers. The Directive also addresses the anonymity of virtual currencies and the need for national Financial Intelligence Units (FIUs) to obtain information on virtual currency addresses. Additionally, the Directive emphasizes the importance of accurate and up-to-date information on beneficial ownership of corporate entities, trusts, and similar legal arrangements. Member States are required to establish beneficial ownership registers and ensure public access to this information. The Directive also promotes cooperation and information exchange between competent authorities and FIUs to combat money laundering and terrorist financing. The amendments introduced by this Directive include changes to the definition of auditors, external accountants, and tax advisors, as well as estate agents. It also introduces new categories of entities, such as providers engaged in exchange services between virtual currencies and fiat currencies, custodian wallet providers, and persons trading or acting as intermediaries in the trade of works of art. Member States are required to bring into force the necessary laws, regulations, and administrative provisions to comply with this Directive by 10 January 2020. The Directive is addressed to the Member States of the European Union.
Whom does it apply to?
Providers engaged in exchange services between virtual currencies and fiat currencies, custodian wallet providers, auditors, external accountants, tax advisors, estate agents, persons trading or acting as intermediaries in the trade of works of art, competent authorities, and Financial Intelligence Units (FIUs)
What does it govern?
Prevention of the use of the financial system for the purposes of money laundering or terrorist financing
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The penalties for non-compliance are not specified in the document.
Jurisdiction
European Union