EU TRUST AND COMPANY SERVICE PROVIDERS STRUGGLE WITH EU MONEY LAUNDERING LAWS
March 1st, 2007
BY ALAN OSBORNIMPLEMENTATION of the European Union's (EU) Third Money Laundering Directive by Trust and Company Service Providers (TCSPs) has given rise to a number of difficulties across the 27 EU member states, all of them related in some way to the key issue of identifying the beneficial owner of funds. The Financial Action Task Force (FATF) defines TCSPs as "persons and entities that, on a professional basis, help to create, administer and manage companies." More specifically they serve to help set up companies, to act as director or other officer of a ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.