Overview

Money laundering scandals of recent years – from criminal misuse of limited partnerships in the UK or US-based LLCs to non-resident customer accounts in the Baltics – spurred considerable reform efforts to make the transatlantic community less vulnerable to financial crime. On January 1, 2021, US Congress passed the ambitious AML Act. In July 2021, the European Commission unveiled a wide-ranging reform package containing, among others, a proposal for the 6th AML Directive and a regulation establishing a new EU AML/CFT authority. Most recently, in September 2022, the UK Government published its Economic Crime and Corporate Transparency Bill, which focuses on a reform of Companies House, the seizure of suspected criminal crypto assets and expanded intelligence-gathering powers. All these initiatives presage big changes ahead for the global AML/CFT landscape, and this webinar details their likely impacts on the compliance community.