Commenting on the news that EU lawmakers are looking to up the pace on anti-money-laundering (AML) initiatives, 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. EV 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.”