EP's Economic and Monetary Affairs Committee (ECON) has published draft opinions on for the Legal Affairs Committee (JURI) on the proposals to amend the Money Laundering Directive (MLD4) and Wire Transfer Regulation. Its main comments include:

  • the need to improve the beneficial owners' register, so as not to place a disproportionate burden on companies;
  • the need for more clarity on money laundering risk assessments and what they should comprise;
  • a suggestion for earlier guidance from the European Supervisory Authorities;
  • the need for coherent and effective group supervision; and
  • recognition of the limited information available to certain intermediaries.

(Source: ECON Draft Opinion on MLD4 and ECON Draft Opinion on Wire Transfers Regulation)