The European Commission on Thursday recommended the inclusion of 11 nations on a planned list of jurisdictions deemed to be particularly vulnerable to money laundering and terrorist financing. The proposal, published as part of a supplementing directive, replicates in full the roster of high-risk countries currently named by the Paris-based Financial Action Task Force (FATF) but reflects the organization's independent assessment, a spokesperson for the executive body said. Under EU regulations, financial institutions would conduct enhanced due diligence on parties and payments linked to the named countries, and amend their compliance controls should the bloc alter its findings. The commission...
The European Parliament on Thursday overwhelmingly rejected a proposed blacklist of nations prone to financial crimes because it did not include offshore jurisdictions frequently involved in tax violations, say sources.
Members of the European Parliament are weighing the use of formal powers to pressure the economic bloc's executive branch into disclosing how it prepared a proposed blacklist of high-risk countries earlier this year.
A nonprofit group said Wednesday that Vanuatu, Chile and Sri Lanka have seen the sharpest growth in their risks to money laundering relative to 146 other nations included in an annual survey.
The European Union's executive body on Tuesday proposed a host of new rules to fight money laundering and tax evasion, including plans to require nations to make corporate ownership data publicly available.
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