To get its anti-money laundering laws in line with international standards, the Czech Republic must require that financial institutions identify the beneficial owners of accounts and entities and conduct added diligence on politically exposed persons, among other things, a regional AML watchdog said. Although the country has added a "broader coverage of [money laundering] in the criminal code, it is difficult to conclude that it is sound and consistent," Moneyval, a group associated with the Financial Action Task Force, said in an evaluation of the Czech AML regime that was released Tuesday. Moneyval noted significant progress in the AML laws...
Despite an ongoing push for greater financial transparency, few EU nations have signaled a willingness to require corporations and trusts to identify their owners, a nongovernmental group said in a report.
Securities are becoming more attractive to money launderers because of the speed of transactions and the large number of high-dollar trades on exchanges with little oversight, a European anti-money laundering watchdog said Tuesday.
High-level corruption in Russia continues to thwart government efforts to counter money laundering and terrorist financing in the country, a European anti-money laundering watchdog said in a report made public Thursday.
Moldova has failed to establish the basic elements of an anti-money laundering regime and Malta has formed strong foundations for its program but now needs to focus on implementing them, AML watchdog Moneyval said in its evaluations of the two nations.
Albanian officials say the countrys draft anti-money laundering law will correct many deficiencies identified by a global watchdog last year, among them lax rules concerning politically exposed persons, beneficial owners and correspondent banking.