The latest version of the report from ECON and the Committee on Civil Liberties, Justice and Home Affairs on MLD5 includes the following proposed amendments:
- a recommendation to consider setting a limit to cash transfers and a suggestion this should be reviewed 2 years after the Directive takes effect;
- highlighting the importance of compliance at a national level and the need to give the ESAs appropriate powers;
- the importance of policing agreements involving third countries and the provisions of trade agreements;
- the need for greater co-operation between agencies, including the ability to share information on the fitness and propriety of directors and shareholders of obliged entities;
- a method of tracking ownership of immovable property and holding consolidated data on life beneficiaries;
- adding art galleries and associated business, and e-money issuers and distributors to the list of obliged persons;
- setting the “ownership” level at 10% plus one share, or possibly even 5% plus one share with the additional obligation to identify and verify the identity of the individual who is the “senior managing official” of a relevant entity;
- including an express obligation to screen customers and beneficial owners against the EU sanctions list;
- requiring Member States to enact domestic legislation on PEP lists;
- obliging third-country businesses opening accounts, acquiring real estate or entering into certain other transactions in the EU to keep details of their beneficial owners; and
- requiring the Commission to present a proposal for establishing a European FIU to co-ordinate with and assist national FIUs.