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EU Firms Face New AML Rules, Beneficial Ownership Registry

Roberta Holland | February 11, 2015

Companies in the European Union will face tougher anti-money laundering rules after the Council of the European Union this week approved an overhaul of AML rules for the bloc.

Officials said the rules use the Financial Action Task Force (FATF) recommendations as a basis, but go beyond those measures in some circumstances. European Parliament already agreed to the proposal at the end of last year.

Sargentini-judith-0215The new AML rules “will provide much greater transparency of the shadowy business structures that are at the heart of money laundering schemes, as well as schemes used by businesses to avoid their tax responsibility,” MEP Judith...

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