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EU Directive Raising Costs for U.K. Lawyers, Accountants: Survey

By Brian Monroe

British law and accounting firms are spending up to $1.5 million per year in their efforts to comply with a European anti-money laundering directive, according to an industry trade group. The two professions are adjusting to higher costs stemming from the EU's Third Money Laundering Directive, which required the groups to implement stronger anti-money laundering (AML) controls, according to a survey released Monday by the London-based Law Society of England and Wales. The directive, passed in December 2007, required these industries, among others, to give higher scrutiny to politically exposed persons, uncover the beneficial owners of companies and adopt a...

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