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EU Publishes Highly Anticipated AML Plan, New AML Directive

By Koos Couvée and Gabriel Vedrenne

EU officials on Tuesday published a wide-ranging plan to make life difficult for financial criminals by banning bearer shares, forcing transparency on legal entities, subjecting "golden passport" companies to anti-money laundering rules and enacting a swathe of other reforms. The AML plan presented by the European Commission also aims to iron out differences between the AML rules of the bloc's 27 nations and strengthen supervision through a new EU Anti-Money Laundering Authority, or AMLA, that will directly scrutinize a limited set of large, higher-risk banks and serve as a hub of financial intelligence. "Today's package is a response to very,...

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