Concerns over third money laundering directive

BRUSSELS - Controversy is swirling around the proposed third money laundering directive in the European Parliament.

In early February, a meeting of the European Parliamentary Financial Services Forum - a talking shop composed of both industry representatives and MEPs - produced a report that criticised key planks of the draft directive. It said the risk-based approach advocated in the directive should not be applied to suspicious activity reports - suspicious activity should be reported no matter the level of perceived threat, MEPs said. Also, MEPs want to alter the politically exposed persons requirements -

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