European Lawmakers Edge Closer To AML Info Sharing Rules
Law360, London (February 12, 2019, 10:43 PM GMT) -- Lawmakers in the European Union reached a tentative agreement Tuesday giving law enforcement agencies investigating terrorism and other serious crimes faster access to financial information held across borders, a move that would create a centralized database of bank accounts for each of the 28 member states.
The new rules target the international, nearly instantaneous flow of money from one financial institution to another, which police say facilitates money laundering and terrorism financing.
Under the directive approved by the European Parliament and Council on Tuesday, domestic law enforcement — a broad term including the likes of tax authorities — may ask their...
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