More severe penalties may lie in wait for financial institutions deemed to have deficient compliance programs under an EU proposal to tackle money laundering, say sources.
Plans to expand access to data identifying the beneficiaries of companies and trusts following a massive leak of documents from a Panamanian law firm last year now enjoy broad support in the European Parliament, say sources.
A plan to harmonize how EU nations define and enforce laws against money laundering could simplify compliance expectations for multinational financial institutions, say sources.
Variances in data-protection rules from country to country are impeding EU investigations of politicos with secret offshore holdings as documented by the Panama Papers, European lawmakers heard Thursday.
A proposed expansion of the European Union's due diligence rules to cover trusts only partially addresses their vulnerability to criminal exploitation, leaving long-term loopholes in the bloc's controls against tax evasion and money laundering intact, say sources.
The European Union's executive body on Tuesday proposed a host of new rules to fight money laundering and tax evasion, including plans to require nations to make corporate ownership data publicly available.
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