MONEY SERVICE BUSINESSES AND BUREAUX DE CHANGE STRUGGLE WITH EU MONEY LAUNDERING REGULATIONS
June 1st, 2007
BY ALAN OSBORN
ONE consequence of the growing sophistication of anti-money laundering procedures at the major banks in Europe in recent years is that criminals have turned increasingly to less regulated channels such as bureaux de change and money service businesses to hide criminal proceeds. There are fundamental differences between the two in that the first is engaged in the exchange of foreign currencies and the second in the transmission of money either within or beyond a country, but both are classed as financial services and subject to European Union (EU) ...
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.