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EU Commission Gives Blueprint for Money Laundering Crackdown

By Irene Madongo

The European Commission on Tuesday proposed new steps to bolster the bloc's fight against terrorism and money laundering, including limits on the transportation of cash and the creation of centralized bank account registers. EU member-states would also expedite the implementation of the Fourth Anti-Money Laundering Directive (4AMLD) under a new year-end date, some six months ahead of the deadline finalized in May. The directive tasks governments with centralizing data on corporate ownership, amending certain suspicious activity reporting rules and increasing scrutiny of domestic politicians. The commission's action plan for the first time establishes rough deadlines for a host of other...

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