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EU Calls for Public Disclosures of Corporate Ownership in New AML Plan

By Valentina Pasquali

The European Union's executive body on Tuesday proposed a host of new rules to fight money laundering and tax evasion, including plans to require nations to make corporate ownership data publicly available. The European Commission's draft plan would revise the economic bloc's Fourth Anti-Money Laundering Directive (4AMLD), adopted in May 2015, to obligate additional reporting by firms that issue prepaid products or exchange virtual currency. The proposal would separately require nations to create centralized registers identifying all domestic bank and payment accounts held for any person. The proposed directive, which builds on an action plan published by the commission in...

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