A fresh diplomatic row erupted between Washington and Brussels on Wednesday after the European Commission included four US territories in its beefed-up blacklist of third countries with poor anti-money laundering and terrorist financing controls.
It is the first time the commission has added new countries to the list since its new methodology was introduced, itself a response to European Parliament backlash over what it saw as an overly lenient approach.
“We have established the strongest anti-money laundering standards in the world, but we have to make sure that dirty money from other countries does not find its way to our financial system,” said Věra Jourová, commissioner for justice, consumers and gender equality.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.