The European Commission today released the draft of the 4th European Money Laundering Directive (4th Directive). Key changes proposed in the new directive are: the requirement for all law firms to have written risk assessments, policies and procedures as well as process for testing their effectiveness enhanced due diligence for politically exposed persons (PEPs) is […]

The European Commission is set to introduce a common definition of money laundering and a harmonised punishment for money laundering offences. The move, which is at a very early stage, is separate from the Commission’s proposals to revamp the Third Money Laundering Directive (3MLD).  A spokeswoman in Brussels confirmed that the Commission was working on […]

Solicitor, Majed Iqbal, has been sentenced to jail for five years for bribing witnesses in a Crown Court trial in which his client faced charges of fraud. The fraud had led to victims losing a combined £310,000 which they had been persuaded to invest into a non-existent new energy drink. Mr Iqbal was found to […]

  2010 – The year the controversial set of regulations known as FATCA was enacted by Congress as part of the HIRE Act.   544 – The page count of the final rule (do you think it leaves room for loopholes? 50 – The number of nations the IRS is talking to about “Intergovernmental Agreements” (and […]

Proposals setting out a fourth European money laundering directive will be introduced early next month, the European Commission said. The Commission said details of the new directive will be introduced in Brussels on February 5, although that date has still to be confirmed. The proposals, which will need to be ratified by the European Parliament […]

Investment manager fined — lessons from the Savoy case – 14 Nov 2012 The Financial Services Authority (FSA) has fined Savoy Investment Management Limited £412,000 for failures relating to suitability of advice given to clients and of portfolio decisions made on their behalf. “Know your customer” material was • inadequate and/or out of date, and […]

Proposals setting out a fourth European money laundering directive will be introduced early next month, the European Commission said. The Commission said details of the new directive will be introduced in Brussels on February 5, although that date has still to be confirmed. The proposals, which will need to be ratified by the European Parliament […]

On 5 February 2013, the European Commission is proposing to issue two proposals for legislation to enhance and update the Third Anti-Money Laundering (AML) Directive and the Fund Transfers Regulation (which implements into EU law the Financial Action Task Force’s recommendation designed to ensure full traceability of transfers of funds). The proposals will be sent […]