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Several London-based banks are considering establishing back offices within other European countries to maintain access to the EU market should the United Kingdom's plan to leave the economic bloc go forward.
Britain's historic vote to quit the European Union is likely to result in only modest changes to the country's efforts to fight financial crime and coordinate economic sanctions, at least in the short term.
On the eve of key behind-the-scenes talks on the Fourth European Union Anti-Money Laundering Directive, the rift over proposals for the public register of trusts has widened between the United Kingdom and Europe.
EU parliamentarians voted Tuesday to require member-states to update their laws targeting money launderers and the financiers of terrorism, in part by naming corporate owners.
The EU Parliament adopted final recommendations Wednesday that would establish a public prosecutor's office and require member nations to ascertain the beneficial owners of companies incorporated within their jurisdictions.
