The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.
This is the first of a number of posts, looking at the implications EU’s Fourth Anti-Money Laundering Directive on the UK’s Regulated Sector
The Consultative Committee of Accountancy Bodies (CCAB) has published a useful guidance document reminding accounting service providers (oblige practitioners) of the importance of safe-guarding against money laundering.
The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015. One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017.