EU representatives are set to advance proposals Wednesday that would require member-states to collect more data on beneficial owners, better scrutinize the finances of politicians and harmonize cross-border wire rules. The expected endorsements of the Fourth Anti-Money Laundering Directive and a sister regulation on funds transfers would align the bloc with the Paris-based Financial Action Task Force's revised recommendations on fighting money laundering and terrorist financing. EU officials first proposed the changes in February 2013. The consideration of the measures by the Council of the European Union's Committee of Permanent Representatives (COREPER) precedes their expected approval by the EU Parliament...
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 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.
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.
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.