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EU Commission Calls for Changes to Europe’s Third Directive
By Brian Monroe and Colby Adams
printThe European Union's commissioners asked lawmakers Wednesday to consider broadening the scope of Europe's anti-money laundering directive, lowering beneficial ownership thresholds and strengthening controls on accounts held for political figures. The request by the European Commission follows February revisions to the anti-money laundering (AML) and counterterrorist financing recommendations of the Paris-based Financial Action Task Force (FATF). In an 18-page report, the Commission said the European Parliament should consider parallel changes to its Third Anti-Money Laundering Directive. Potential revisions to the EU directive, adopted in 2005, could include applying the AML rules to central banks, non-casino gambling operations, precious metals dealers,...
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