A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
Europe's biggest financial institutions are largely prepared to comply with newly proposed amendments to the EU's anti-money laundering directive, compliance officers and banking attorneys say.
The European Commission will propose two measures next week to update the EU's Third Anti-Money Laundering Directive and a primary regulation governing wire transfers, a spokesperson for the organization said Friday.
Less than two years after the passage of an anti-money laundering law, Ireland's financial regulator has found broad compliance problems at banks and other businesses, according to a regulatory official.
The European Union's commissioners asked lawmakers Wednesday to consider broadening the scope of Europe's anti-money laundering directive, lowering beneficial ownership thresholds and strengthening controls on accounts held for political figures.
The measure, which is slated to be fully implemented by December 2009, requires that financial institutions take steps to determine whether customers are politically exposed persons and adopt a risk-based approach to AML compliance.
Irish financial institutions and business have just nine more days to comment on a report that details how the Third European Union Money Laundering Directive will be implemented in domestic legislation.
Two groups that represent accountants in the Republic of Ireland have issued guidance to help accountants, auditors and tax consultants better understand and comply with anti-money laundering obligations in that country.
An organization that represents accountants in Ireland is using the recently adopted EU money laundering directive as a catalyst to implement change in Northern Ireland and Republic of Ireland money laundering reporting regulations.
Paramilitary groups in Northern Ireland are using legitimate businesses to launder money and fund political activities, according to a report released May 24 by the Independent Monitoring Commission.
The government of Ireland has passed a new anti-terrorism law which brings its domestic policy in line with the United Nations Convention and European Union directives against terrorism.
The Financial Services Authority, the United Kingdoms main financial regulator, has fined Bank of Ireland £375,000 ($665,000) for anti-money laundering violations.