Experts have said that recent proposals by regulators in the
EU show that it is shoring up standards and more closely
scrutinising potential instances of money laundering.
"I think it is fair to say that the EU is trying to level
the playing field with the US, and toughen its regime," said
Monsur Hussain, head of financial institution research at Fitch
This coincides with the EU’s recent moves to
impose reforms in member states. Its fifth Anti-Money
Laundering Directive (5AMLD) must be transposed by each member
state by January 2020.
- The EU has launched a new AML directive this year
which expands its powers;
- This is viewed as an attempt to toughen their
regime and gain ground on the US;
- AML expected to be on the regulatory horizon for
the foreseeable future.
The directive makes some significant changes to 4AMLD, which
has been in place since...