SmartSearch: European Commission under pressure to fight dirty money

Michael Lloyd

December 11, 2019

There is growing pressure for the European Commission to fight against the flow of dirty money, AML specialists SmartSearch has claimed.

This follows Reuters reporting that the commission will complete a thorough assessment about money laundering before thinking about reforms regarding the issue.

John Dobson, chief executive of UK AML specialists SmartSearch, said: “The 5th Money Laundering Directive is not yet fully in force but there is growing pressure on the European Commission to go further to combat the flow of dirty money.

“This underlines the need for the UK to get on with implementing 5MLD.

“With the General Election fast approaching we have published an open letter calling for whoever the public votes for this Thursday to take urgent action to publish the final regulations to give businesses the certainty they need.

“If the EU is looking to take quick action, they could start by making electronic verification compulsory across all member states.

“Electronic verification has been shown to be much more reliable than manual checks – and it is also considerably quicker and more cost-effective for firms to operate.”

Sign up to our daily email