BREXIT, Money Cleaning and London

 


Several people noted over 3 years ago that one of the primary reasons for the BREXIT move was to avoid this. AMLD5 is described here as it relates to formal Belgian implementation very recently. Some interesting notes on Professional football (soccer), which has become horribly corrupted across Europe, having been led from the top, literally, by the horrific FIFA bribery scandals involving many in a lot of countries.

However, most importantly as it relates to BARXIT, the following is the issue which caused much concern in London several years ago once it became clear that the EU and OECD were set on "upgrading" the AML system of checks. This was calculated as likely to severely reduce business activities in certain areas with certain types of client. The following paragraph understates this perhaps too much (my emphasis). Basically it's about impacting money cleaning for criminal entities and arms dealings and Any Other Business they should so choose to be involved with.

Harmonised Enhanced Due Diligence Requirements

"AMLD5 introduces a harmonization of enhanced due diligence requirements when establishing business relations involving “high risk” third countries. Previously, each Member State determined at national level the type of enhanced due diligence measures that must be taken with regard to high-risk third countries. Those different approaches between Member States created weak spots in the management of business relationships involving high-risk third countries as identified by the European Commission."

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