Factions within the European Union reached a compromise Tuesday on the terms of the long-awaited Fourth Anti-Money Laundering Directive, including provisions to create central registers on the ultimate beneficial owners of corporate and other legal entities, as well as trusts in every member state.
The EU Parliament adopted final recommendations Wednesday that would establish a public prosecutor's office and require member nations to ascertain the beneficial owners of companies incorporated within their jurisdictions.
The European Commission unveiled proposals Tuesday for a Fourth Anti-Money Laundering Directive that would require greater disclosures of beneficial ownership and increased scrutiny of domestic politicians, among other changes.
Europe's financial intelligence units are asking the European Commission for uniformity in their ability to suspend suspicious transactions under a forthcoming anti-money laundering directive, a Dutch official said Monday.
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