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EU Raises ‘Loophole Risk’ With New AML Regime

Roberta Holland | December 23, 2014

As European Parliament and Council of the European Union representatives reached an agreement last week on tightening anti-money laundering rules, some questioned whether the new rules go far enough in unmasking the real owners behind shell companies used in the schemes.

Transparency International’s EU branch praised the 4th Anti-Money Laundering Directive as “an important step forward” in the battle against corruption, but lamented the fact that registers listing the beneficial owners of companies will not be open to everyone automatically. According to the agreement reached by the parliament and council representatives, which still must be approved by the full parliament next year, only law enforcement and government agencies will have unfettered access to the beneficial owner registers to be set up by EU Member States. Others, such...

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