The European Commission (EC) has decided to refer Belgium, Ireland, Spain and Sweden to the European Court of Justice over non-implementation of the Third Anti-Money Laundering Directive. The transposition deadline for the Directive was 15 December 2007. The Directive tightens the EU anti-money laundering (AML) regime currently applicable to the financial sector as well as lawyers, notaries, accountants, real estate agents and casinos. The scope of the Directive is broadened also to encompass trust and company service providers as well as all providers of goods, when payments are made in cash in excess of €15,000. In addition, the Directive requires the application of the AML tools (identification and verification of customers’ identity, record keeping, training of personnel, etc.) to the fight against terrorist financing. The Directive also introduces additional requirements and safeguards for situations of higher risk (e.g. trading with correspondent banks situated outside the EU).
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.