The European Parliament has announced that it has toughened up EU anti-money laundering (AML) rules at its plenary session. For the purposes of consolidation and to provide an easier transition for the new Parliament to be elected in May, the Parliament voted at its first reading on the proposed:

  • Fourth Money Laundering Directive; and
  • Regulation to amend and replace the Regulation on information on the payer accompanying transfers of funds (Wire Transfer Regulation).

The new Parliament will begin negotiating on the proposed legislation with the European Commission and Council of the EU in the second half of 2014.

View Parliament toughens up anti-money laundering rules, 11 March 2014