News

Talks between the EU's 27 nations and the European Parliament over sweeping anti-money laundering reforms failed to reach a conclusion last month amid disagreement over the extent to which financial institutions must identify the beneficial owners of legal entities. Both sides struck a deal on Dec. 13 on a leadership structure and expanded supervisory remit for the new, EU-wide AML Authority set to launch this year, but have yet to reach consensus on an EU-wide regulation aimed at ironing out variances between national rules against illicit finance across the bloc. Two sources familiar with the discussions, which will resume this...