Draft bill on implementation of 5MLD
The German Federal Ministry of Finance (“BMF”) has prepared and circulated to certain interest groups a first draft bill on the national implementation of the Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843 – “5MLD”).
The draft bill provides for various changes to German regulatory acts such as the German Money Laundering Act (Geldwäschegesetz – “GwG”) or the German Banking Act (Kreditwesengesetz – “KWG”). These changes transpose into national law the rules set out in 5MLD,…