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European Commission Proposes Broad Changes for Fourth AML Directive
By Brian Monroe
printThe European Commission unveiled proposals Tuesday for a Fourth Anti-Money Laundering Directive that would require greater disclosures of beneficial ownership and increased scrutiny of domestic politicians, among other changes. The expected plan comes in response to the February 2012 revisions to the Financial Action Task Force's 40 recommendations on combating money laundering and terrorist financing, the commission said in a statement. The European Union, which still requires parliamentary and member-state approval of the proposal, last updated its anti-money laundering (AML) directive in 2005. "This current directive provides guidance on what are the commission's concerns for anti-money laundering regulations that must...
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