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European Parliament to Pitch Stronger ‘Fifth’ AML Directive

By Manju Manglani

EU lawmakers seeking to strengthen the bloc's controls against financial crime beyond what is currently being considered will pitch more rigorous transparency requirements for trusts, virtual currencies, prepaid cards and bank and payment account holders. The first draft of the European Parliament's plan to further revise what is now informally being called the bloc's "fifth" anti-money laundering directive will be submitted within days by the rapporteurs of the European and Monetary Affairs Committee (ECON) and Civil Liberties, Justice and Home Affairs Committee (LIBE) as a counterproposal to the amendments to the fourth directive put forward by the EU Commission in...

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