News

The Netherlands wants to scrap a rule obliging financial institutions to flag all transactions involving jurisdictions included on an EU money-laundering blacklist following an "enormous increase" in reports to the country's financial intelligence unit, or FIU. Dutch officials introduced the requirement to flag such transactions in July amid efforts to implement the European Union's Fourth Anti-Money Laundering Directive, or 4AMLD, and observe the new blacklist, which calls for enhanced scrutiny on clients and funds tied to nations named therein. On Monday, however, the Dutch Finance Ministry disclosed plans to cease viewing the involvement of such countries as an "objective indicator"...