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EU Bill Would Place AML Requirements on Hedge Funds
By Colby Adams
printA European Union financial reform bill scheduled for a vote Monday could impose new anti-money laundering requirements on offshore investment vehicles, including U.S. hedge funds, say analysts. The Directive on Alternative Investment Fund Managers, a measure proposed by EU lawmakers, would blacklist countries deemed noncompliant with European anti-money laundering (AML) and counter-terrorism financing standards. The bill will be a combination of proposals introduced in December 2009, according to John Schranz, spokesman for the EU Economic Affairs Committee. The proposal would similarly sanction nations without tax data sharing agreements with EU nations. Under the agreement, hedge funds domiciled in those countries...
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