EU proposes fourth money laundering directive
The European Commission has made a proposal for a fourth money laundering directive, with potential changes likely to occur late 2014.
The proposals are in response to changes made to requirements issued by the Financial Action Taskforce in February 2012.
While the directive will have to go through EU processes to become a directive, David Winch has outlined some key areas that would affect clients and firms.
“With regard to the firms themselves, the proposal is that they should be required to identify, understand and mitigate their money laundering risks and to document and update the assessments of risk they undertake,” said Winch.