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,...
Funding for a planned EU anti-money laundering watchdog will primarily come from levies on financial institutions and enable the bloc-wide body to carry out both supervisory and financial intelligence functions by 2026, a senior official said Monday.
The European Union's executive branch advanced a raft of measures Thursday to strengthen the bloc's defenses against financial crime, including a new blacklist of countries that present a high threat of illicit finance and proposals for an EU-wide anti-money laundering supervisor.
The EU's executive branch has privately discussed inserting a proposal that would ban businesses, banks or otherwise, from accepting cash payments of more than €10,000 into a package of anti-money laundering reforms due next month.