EU Committee Advances Plan to Name Corporate Owners, Toughen PEP Controls

By Brian Orsak and Colby Adams

A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners. The 45-to-1 vote by the Economic and Monetary Affairs Committee clears the way for the passage by lawmakers, leaving an expected final adoption of the EU's Fourth Anti-Money Laundering Directive in the hands of the Council of the European Union. The 28-member bloc last adopted an anti-money laundering (AML) directive in 2005. Thursday's draft proposal would broaden the definition of money laundering to include the intentional conversion or transfer of property...