EU representatives are set to advance proposals Wednesday that would require member-states to collect more data on beneficial owners, better scrutinize the finances of politicians and harmonize cross-border wire rules.
European Union nations may still have to name the owners of corporations but they won't necessarily do so publicly, under the economic bloc's latest iteration of an anti-money laundering proposal.
As European Union leaders negotiate a final version of the bloc's latest anti-money laundering directive, questions remain on how its proponents will overcome legal and political hurdles to its implementation.
Even with the parliamentary passage of the EU's anti-money laundering directive last month, tough debates lie ahead for the economic bloc's plans to better identify financial criminals, say observers.
European Union nations must harmonize their asset forfeiture and property confiscation laws to comply with a directive adopted Friday by leaders of the economic bloc.
European parliamentary members are set to require countries to publish registries naming the beneficial owners of privately-held corporations and trusts as part of a broad overhaul to the EU's anti-money laundering rules.
An EU plan approved Thursday that could force banks in member-states to open accounts for most applicants would complicate anti-money laundering compliance efforts, according to critics.
Ready or not, Bitcoin is growing in Europe, even as European regulators struggle to figure out how or if they'll police the virtual currency.
The EU Parliament adopted final recommendations Wednesday that would establish a public prosecutor's office and require member nations to ascertain the beneficial owners of companies incorporated within their jurisdictions.
A panel of European Union lawmakers approved plans Tuesday to harmonize definitions of corruption and money laundering throughout the bloc and ease asset seizures
The EU is pushing the United States for answers following reports that the National Security Agency siphoned bank messaging data held in the European Union, possibly in violation of a July 2010 treaty.
A European Union decision to impose sanctions on Hezbollah's military wing will also compel financial institutions in Europe to comb their accounts for links to the group's social services and fundraising arms.
A group of European Parliament members will soon weigh in on whether lawmakers should create an EU-wide police force and more closely cooperate on border security to stem financial crime, according to Bill Newton Dunn, a British lawmaker.
The top European Union official for civil rights said Wednesday that the U.S. Justice Department has yet to answer all of her concerns about a controversial American surveillance program.
Ongoing negotiations between the United States and European Union on a broad data-sharing arrangement will likely be complicated following the leaked disclosure this month of a transnational American surveillance program.
A plan to require member-states of the European Union to automatically exchange tax-related data in an effort to boost government revenues is likely to face political and logistical challenges.
European Union officials discussed plans Tuesday to cooperate with a U.S. law aimed at tax evaders, and the expected introduction of a new model agreement for related, reciprocal data exchanges.
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 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.
Ongoing efforts by European Union's Parliament to crack down on financial crime and tax evasion will be complicated by free trade agreements with Latin American nations, according to Jurgen Klute, an EU lawmaker.