Fifteen members of the Group of Twenty have failed to meet their commitments to beneficial ownership principles adopted last November in Australia, according to an anti-corruption watchdog group.
Ahead of Tuesday's debate on the provisions of the EU's Fourth Anti-Money Laundering Directive, German banks' challenges include identifying transactions connected to terrorism and conducting CDD on beneficial owners, according to a senior German official.
On the eve of key behind-the-scenes talks on the Fourth European Union Anti-Money Laundering Directive, the rift over proposals for the public register of trusts has widened between the United Kingdom and Europe.
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.
The U.K. is weighing amendments to its plan for a public registry of corporate owners that would allow individuals who control the firms to better protect their personal data.
A global anti-money laundering group Monday outlined how countries should identify corporate owners in an effort to stop criminals from hiding behind shell companies and other legal entities.
British parliamentarians advanced a measure Wednesday that would create the country's first registry of corporate owners as part of a larger effort to shine light on opaque shell companies.
European Union nations may still have to name the owners of corporations but they won't necessarily do so publicly, under the economic bloc's latest iteration of an anti-money laundering proposal.
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.
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.
A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
The expected approval of amendments to the EU's proposed Fourth Anti-Money Laundering Directive will shine greater light on tax evaders and financial criminals hiding behind shell companies and trusts, according to Judith Sargentini, a Dutch member of the European Parliament.
European parliamentary members are set to require countries to publish registries naming the beneficial owners of privately-held corporations and trusts as part of a broad overhaul to the EU's anti-money laundering rules.
An EU plan approved Thursday that could force banks in member-states to open accounts for most applicants would complicate anti-money laundering compliance efforts, according to critics.
Ready or not, Bitcoin is growing in Europe, even as European regulators struggle to figure out how or if they'll police the virtual currency.
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.
A panel of European Union lawmakers approved plans Tuesday to harmonize definitions of corruption and money laundering throughout the bloc and ease asset seizures
A group of European Parliament members will soon weigh in on whether lawmakers should create an EU-wide police force and more closely cooperate on border security to stem financial crime, according to Bill Newton Dunn, a British lawmaker.
European Union officials discussed plans Tuesday to cooperate with a U.S. law aimed at tax evaders, and the expected introduction of a new model agreement for related, reciprocal data exchanges.
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.