MEPs criticise poor AML compliance

MEPs say lack of co-operation and poor information sharing between authorities and FIUs are the main obstacles to preventing money laundering, but also say national authorities should have sufficient resource and power to ensure AML leglisation is properly implemented.

The noted the Commission is taking action against Member States that have not implemented MLD4 and called for prompt implementation of MLD5 including the required beneficial ownership registers for corporate and similar entities.

MEPs also wanted a new methodology for identifying high-risk third countries, and total transparency with benchmarks countries can assess themselves against.


Emma Radmore