EU Raises ‘Loophole Risk’ With New AML Regime
Transparency advocates are giving tempered praise to a new anti-money laundering regime proposed this month by representatives of the European Parliament and the Council of the European Union. The new rules would mandate that member states create centralised registers of beneficial ownership behind companies, but outsiders such as journalists or ...
Related articles
-
Article
U.S. Failures to Track Beneficial Owners Create AML Headaches Internationally
Image: Despite the forward march in Europe and elsewhere to fight money laundering, a problem remains: Here at the largest economy in the world, state incorporation laws in the United States create a massive loophole that bad actors can exploit. “It’s a huge problem not just for the United States ...
-
Article
Doing God’s Work: Compliance Reform at the Vatican Bank
Image: The Istituto per le Opere di Religione, commonly known as the Vatican Bank, suffered for decades from poor internal controls and conduct. How has the Holy See tried to recover? Slowly, surely, and with a risk-based approach following international standards. “The expectations are huge in building trust and confidence, ...
-
News BriefDOJ secures $118 million penalty in FCPA violation case tied to Guatemalan telecom firm
The parent company of a telecom subsidiary in Guatemala agreed to pay $118.2 million to settle allegations of improper payments made to government officials, but the U.S. Department of Justice chose not to impose a compliance monitor to administer the firm’s compliance with the Foriegn Corrupt Practices Act (FCPA).