Nightmare in Brussels: part III
The European Parliament has passed the third AML directive. But how effective can it be in preventing money laundering? By Dianne See Morrison
LESS THAN three years after the passing of the European Union's second anti-money laundering (AML) directive, European finance ministers adopted a third in June this year.
It's no secret that the directive is an unpopular one. It faced widespread opposition and intense lobbying from the financial services industry during its consultation period, and many felt it was rammed through the approval process.
For European financial service firms already struggling to implement the terms of the second –
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