U.K. Offshore Banking Centers Not Compliant With Latest EU Anti-Laundering Standards, Group Says

By Brian Monroe

Several United Kingdom offshore financial centers were not included in a list of jurisdictions ranked as compliant with the European Union's Third Money Laundering Directive issued by an EU group. The EU Committee on the Prevention of Money Laundering and Terrorist Financing ranked 13 countries as equivalent to Third Directive anti-money laundering standards. As a result, the countries warrant less due diligence when gauging money laundering and terrorist financing risk, according to a draft document published this month by the U.K. Treasury. The list identified as compliant nations with long-established AML programs such as the United States, Canada, Hong Kong...