News

Details of the Fifth Anti-Money Laundering Directive

The European Parliament last week voted with a landslide of approvals regarding the final wording of the Fifth Anti-Money Laundering Directive, supporting the multilateral agreement reached between Member States' ministers in December last year.


New trust rules invoke uncertainty for UK AML Directive

As reported in the first week of July, the European Commission released a reformed version including all amendments to be made to the 4ML, following its announcement in February this year that further restrictions were necessary to combat terrorist financing. The so-called 4ML Directive, agreed in May…


Does Cyprus have a clean Anti Money-Laundering record?

After the 2013 banking crisis and the scrutiny on Cyprus’ business deals with Russia, Cyprus now comes under peer review as per the Financial Action Task Force (FATF) an initiative established by the OECD.


Switzerland to adopt Anti-Money Laundering Ordinance

The Swiss Federal Council has adopted the Anti-Money Laundering Ordinance (AMLO) and it will enter into force on 1 January 2016.


BVI set to improve its current anti-money laundering regime

In an effort to come up to date with international efforts and standards towards transparency, BVI aims to strengthen its anti-money laundering regime.


What does the new UK property ownership transparency mean for fraudsters?

Prime Minister in the UK, David Cameron recently made a speech in Singapore publicising new methods which will hopefully end the use of offshore companies hiding those who use laundered cash to purchase high value property in the UK.


The FATF clarify the de-risking regulation

De-risking is where financial institutions end or limit business relationships by using classes of client. It is a complicated subject that extends beyond anti-money laundering (AML) and counter-terrorist financing (CFT).