Regulators from the United States should directly consult with German counterparts about fines they plan to impose on German banks, an anti-money laundering supervisor at Germany's financial watchdog said.
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.
As European Union leaders negotiate a final version of the bloc's latest anti-money laundering directive, questions remain on how its proponents will overcome legal and political hurdles to its implementation.
Even with the parliamentary passage of the EU's anti-money laundering directive last month, tough debates lie ahead for the economic bloc's plans to better identify financial criminals, say observers.
EU parliamentarians voted Tuesday to require member-states to update their laws targeting money launderers and the financiers of terrorism, in part by naming corporate owners.
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.
The European Union's commissioners asked lawmakers Wednesday to consider broadening the scope of Europe's anti-money laundering directive, lowering beneficial ownership thresholds and strengthening controls on accounts held for political figures.