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. If adopted, the planned revisions to the Fourth Anti-Money Laundering Directive (4AMLD) would make a "limited set of information" on the beneficial owners of trusts, foundations and similar legal arrangements engaging in commercial activity generally available to the public, whereas the current version of the 4AMLD only allows persons and organizations showing a "legitimate interest" access to the data. National tax authorities and...
EU lawmakers seeking to strengthen the bloc's controls against financial crime beyond what is currently being considered will pitch more rigorous transparency requirements for trusts, virtual currencies, prepaid cards and bank and payment account holders.
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.
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.