EU Plans Blocwide Regulation To Make AML Laws Stick
Law360, London (March 17, 2020, 1:15 PM GMT) -- The European Commission is planning to enforce blocwide anti-money laundering and terrorist financing laws through a new regulation with a common set of controls and reporting requirements, according to a draft document seen by Law360.
The European Union's executive arm said it is planning to upgrade certain parts of the bloc’s anti-money laundering directive into a directly enforceable regulation. The existing approach, based on directives, means member states can transpose money laundering rules in varying ways, opening up the financial sector to risk.
A blocwide regulation would compel domestic financial and tax watchdogs to directly apply the rules, limiting different interpretations...
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