Cross-border transactions face EU anti-money laundering overhaul
08.01.2020 | Global Trade Review
Simon Cook was quoted in the article, “Cross-border transactions face EU anti-money laundering overhaul,” which was published by Global Trade Review on January 8, 2020.
Incoming EU-level reforms to anti-money laundering laws are set to take legal effect on January 10, introducing new requirements for banks handling transactions linked to high-risk countries. There is some dispute between the European Commission and Council over which countries are considered high risk in terms of money laundering.
Simon commented that it’s a potential issue if countries that remain on the high risk list despite efforts be removed are likely destinations for the trade finance market.