AML Update: New Domestic And European Draft Legislation Published

Author:Mr Joe Beashel
Profession:Matheson
 
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Over the past few days, two key proposals have been published in the area of anti-money laundering / counter terrorist financing. On 31 January 2013, the Department of Finance published the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2013 (the "Bill") proposing changes to national legislation. On 5 February 2013, the European Commission adopted two legislative proposals: A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the "Fourth AML Directive"); and A regulation prescribing the information which must accompany transfers of funds (which updates the existing 2006 regulation in this area). We have prepared the attached note which gives you some...

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