The European Commission has launched a public consultation to gather stakeholder views on the possible enhancements to the E.U. anti-money laundering/countering the financing of terrorism framework. The FMLC would like to draw attention to two areas.
On 24 July 2019, the European Commission adopted a Communication to the European Parliament and the Council which observed that, although many risks and shortcomings in the regulatory framework for anti-money laundering and preventing terrorist financing had been addressed, structural shortcomings remained.
While certain sections of 5MLD have already been implemented in the U.K., changes required by 5MLD in respect of the registration of the beneficial ownership of trusts have not yet come into force. HM Treasury and HM Revenue and Customs are now jointly consulting on this aspect of the regime.
Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “Fifth Anti-Money Laundering Directive” or “5MLD”) expands […]
A meeting of the Asset Management Scoping Forum was held on 6 September 2018. The meeting was chaired and hosted by Neil Robson of Katten Muchin Rosenman UK LLP. Forum […]
A meeting of the Asset Management Scoping Forum was held on 24 May 2018. The meeting was chaired and hosted by Owen Lysak of Clifford Chance LLP. Forum members discussed […]
On 14 December 2017, members of the Asset Management Scoping Forum met for the third and last meeting of 2017. The meeting was chaired by Iain Cullen of Simmons & […]