Published: Thursday February 13, 2014
Money laundering continues to be a major concern for governments and law enforcement alike. Equally, businesses face the challenge of balancing compliance costs, commercial realities and reputational risk. The proposed Fourth Money Laundering Directive should benefit businesses, government and law enforcement by ensuring that resources can be targeted towards the areas of higher risk.
The directive aims to achieve a more risk-based approach, with greater consistency of rules across the EU, simplifying cross border trade and implementing the Financial Action Task Force (FATF) recommendations.
GBGroup have been working with Alison Matthews - one of the UK's leading experts on money laundering and professional conduct for solicitors - to create a report on the directive, providing an update on its progress. A number of amendments to the draft Directive have been proposed and are expected to be voted on in February 2014.
Alison lectures for all the UK Law Societies and the Isle of Man Law Society as well as Central Law Training and Solicitors Journal Live. She is a member of the Editorial Board of the Law Society's Legal Compliance Bulletin and is a regular contributor to various legal publications and has advised on AML for more than 20 years.
This report explains the proposals in brief and summarises the key issues for businesses to help them review their existing systems and prepare for implementation.