What AML Initiatives In EU Mean For UK Financial Industry
By Kerstin Wilhelm and Clare McMullen (September 27, 2021, 5:13 PM EDT) -- On July 20, the European Commission published a package of legislative initiatives to combat money laundering and terrorist financing aiming at a comprehensive overhaul of the European Union's Anti-Money Laundering and Countering the Financing of Terrorism frameworks, including, as its core element, the creation of a new, central EU authority.
The EU has long been committed to preventing and combating money laundering and terrorist financing. These new, ambitious legislative proposals are the commission's response to its May action plan for a comprehensive EU policy on the prevention of money laundering and terrorist financing with the aim of better identifying both in...
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