The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday.
Panama Papers investigation, which revealed the widespread practice of money laundering through trusts and offshore holding structures.The fifth directive is aimed at combating corruption and money laundering and came into effect in the EU earlier this month as a response to the
The EU legislation immediately came under fire for being insufficient and lacking centralized coordination.
UK authorities, however, hope that the directive will put safeguards in place that are reassuring to international investment — an essential component to the UK’s economy that created 76,000 jobs last year.
“These proposals will ensure we have the appropriate safeguards to protect our