NEW CALEDONIA TO INTRODUCE NEW EU AML LAWS, DESPITE BEING OUTSIDE EU
April 1st, 2018
NEW Caledonia, a Pacific overseas territory governed by France, will need to transpose the new so-called European Union (EU) fifth anti-money laundering directive (AMLD5) reforms agreed in May. This is because the territory will have to follow AML/CFT implementing rules within French law, a spokesperson from the French ministry of economy and finance told the Money Laundering Bulletin. This is despite that New Caledonia (population – 278,000) is not formally part of the EU.
Under the new law, New Caledonia AML officials and law enforcers will also need to ...
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