New EU Anti-Money Laundering Rules Come Under Fire

New anti-money laundering rules instituted by the European Union on Monday are already coming under criticism for being insufficient, Reuters reported.

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The rules, which are listed in the fifth review of the EU anti-money laundering directive, are the result of talks aimed at increasing controls on company owners and digital payments using virtual currencies.

The fifth revision has five goals: creating safeguards for money coming from high-risk countries, giving more power to the EU Financial Intelligence Units, ensuring centralised national bank and payment account registers or central data retrieval systems in all member states, putting an end to the use of virtual currencies by terrorist groups, and minimizing the risks associated with prepaid cards.

These rules were proposed on July 5, 2016 in response to revelations made two months earlier in the Panama Papers investigations. 

The revision is also

... read more at: https://www.occrp.org/en/27-ccwatch/cc-watch-briefs/8301-new-eu-anti-money-laundering-rules-come-under-fire