The Fifth Anti-Money Laundering Directive and the new Regulation on Virtual Currencies
By Soulla Dionysiou, Lawyer, Founding Partner at Dionysiou & Partners LLC Τhe Fifth Anti-Money Laundering Directive (5AMLD) which was adopted by the European Parliament on 19 April 2019 will need to be transposed into National Law by all Member States by 10 January 2020, i.e. 18 months after its adoption. Although some Member States have already done so, the rest will need to follow suit as the deadline is fast approaching. The directive incorporates for the first time a regulation on virtual currencies (cryptocurrencies) and introduces their definition, according to which: “virtual currencies” means a digital representation of value that is not issued or guaranteed by a central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically (Article 2 d (18)).