EU WAITS A YEAR TO IMPLEMENT NEW FATF RECOMMENDATIONS – BUT EXPERTS WONDER IF THE WAIT WAS WORTH IT

THE EUROPEAN Commission’s proposals for a fourth money laundering directive (4MLD) announced last week (5th February 2013) were held up for the best part of a year to avoid clashing with the revised Recommendations from the Financial Action Task Force (FATF). Not everybody is convinced the package was worth the wait. Briefly: the new Brussels plan picks up on the FATF proposals by making tax crimes a predicate for money laundering across the 27 EU countries; extends the definition of politically exposed persons (PEPs) to domestic politicians and those working ...


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