MEPs confirm Commission blacklist of countries at risk of money laundering

By Chris Laws, Global Head of Product Development, Compliance & Supply Solutions at Dun and Bradstreet

“The EU blacklist is an important tool to combat financial crime and this update will be welcomed by those responsible for the fight against money laundering. Coupled with the recent updates implemented in the 5th EU Money Laundering Directive, the extended list is likely to lead to enhanced checks and control over transactions with these countries. With such a rapidly changing landscape and increasingly sophisticated financial crime, it’s essential to have increased transparency to deter and identifies illegal activity.

“It’s more important than ever for businesses to have robust compliance processes in place both for Know Your Customer (KYC) and Know your Vendor (KYV) activities. Access to detailed information such as beneficial ownership and people with significant control (PSC) is vital to tackling money laundering and an enhanced level of scrutiny of all business relationships is essential to identify and mitigate any potential risks.”