EU Money Laundering Cases Sparks Further Criticism from the Commission

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The European Commission has spoken out condemning the European Parliament and Council, following several high-profile money laundering cases that have been discovered close to home within Europe.

The communication identified the key flaws in the current EU’s anti-money laundering regulations; and gave the following suggestions for improvement:

Better classification for “anonymous products” for member states.
Full identification of Beneficial Owners in all member states.
Full identification for anyone trading with new unregulated products such as virtual assets in member states.
The report also states that certain Member States have been less active than others in their application of the regulations; while some have yet to even fully transpose the 4th Anti-Money Laundering Directive.