The Third Eu Money Laundering Directive Essay
The purpose of the third Directive was to consolidate the first two Directives and bring the European legislation up to date with the Forty Recommendations made by the Financial Action Task Force on money laundering (FATF). The 4MLD serves the purpose to enhance and strengthen the existing money laundering regulations set out in the Third Directive, whilst highlighting the need for a more unified international approach to Financial Crime, utilising FATF recommendations as their global standards.
Whilst the main areas of the Fourth EU Directive remain in line with the Third, there have been some key changes that could have a significant impact on a firms AML/ CTF policies and procedures which will be explored in this report.
Public Institutions and the Financial Sector
In the current climate it has become more apparent how vital it is for Banks and Financial Institutions to work together to crack down on Money laundering and Terrorist Financing. Historically, Financial Institutions have been relied upon to ensure a certain degree of due diligence to help crack down on Financial Crime.
The September 11 and London Bombing atrocities have highlighted more than ever the importance for Public sectors and Financial Institutions to share information and work together to combat Terrorist…