On 5 July 2016, the European Commission presented a proposal for a Directive of the European Parliament and of the Council amending Directive (EU) 2015/849, which is intended to prevent the financial system from being used for money laundering or terrorist financing. Following negotiations between the Council and the European Parliament, a provisional agreement was … Continue Reading
On 29 June 2017, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule that would designate China’s Bank of Dandong to be a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. The measure responds to findings that the bank used the US financial system to facilitate millions of dollars … Continue Reading
The UK Joint Money Laundering Steering Group (JMLSG) has published proposed revisions to its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revisions reflect a number of factors, including the provisions of the proposed new Money Laundering Regulations published by HM Treasury on 15 … Continue Reading
