LONDON, Nov. 22, 2017 (GLOBE NEWSWIRE) -- The Head of Legal at Pilatus Bank discusses the IV Anti-Money Laundering Directive (IV AML Directive) which was enacted on 25 June 2015, and is the most sweeping anti-money laundering legislation in Europe in several years that came into force on 26 June 2017. Upon the inaction of the Directive, Vera Jourova, Commissioner for Justice, Consumers and Gender Equality, recognised that, “Terrorists and criminals still find ways to finance their activities and to launder illicit gains back into the economy. The new rules as of today are crucial to closing further loopholes. I urge all Member States to put them in place without delay: lower standards in one country will weaken the fight against money laundering and terrorist financing across the EU.”
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The Head of Legal at Pilatus Bank believes that the commitment to an increasingly hostile environment for money laundering and terrorist financing is evident at EU Parliament, European Commission and Council of the European Union level. The IV AML Directive has reinforced the risk assessment obligation and extended the role of the EU Commission to that of direct participation in ensuring the successful outcome of the legislation originally proposed by it.
Dr. Claude-Anne Sant Fournier at Pilatus Bank further explains that on the 5 July 2016, the European Commission published a fact sheet entitled ‘Questions & Answers: AML Directive’, which included commentary on the performance of a supranational risk assessment (SRA) of money laundering and terrorist financing risks. The feedback provided by the European Commission on the SRA is easily applied to the national risk assessment (NRA). The SRA steers the Commission to develop new policy and initiatives at EU level that “… are both evidence based and tailored to the actual risks”. Likewise, the NRA carried out by a Member State ought to lead it to better understand the money laundering and terrorist financing risks arising within its territory as well as efficiently allocate resources to mitigate those risks. SRAs and NRAs are, ultimately, intended for Member States and the regulated sector “… to avoid blind spots and respond to the evolving nature of terrorism financing … to analyse the risks and propose mitigating actions …”. Dr. Sant Fournier of Pilatus Bank noted that any Member State which undertakes a relevant NRA should see its benefits reflected in a functional transposition of the IV AML Directive, and possibly forecast future anti-money laundering legislation mandated at EU level.
Dr. Sant Fournier of Pilatus Bank observed that each Member State has reached disparate milestones in its respective NRA. The IV Anti-Money Laundering Directive came into force on 26 June of this year and Malta, among a few other Member States, is yet to transpose the Directive within local legislation. The Head of Legal at Pilatus Bank states, “With respect to our practical implementation of the Directive in daily practice, the Bank has been on the forefront of using the guidance issued by the UK to make sure we adhere to high standards in this regard.”
Sebastiano Laviola, the financial attache for the Permanent Representation of Italy to the EU, who was also a negotiator for the IV AML Directive, recommended that, “… nations should also move quickly to implement legal changes mandated by the IV AML Directive”. Dr. Sant Fournier argues that the wisdom shared by Laviola and Jourova provides guidance to banks and subject persons, like Pilatus Bank , dealing with the current situation. She concludes, “Pilatus Bank, nonetheless, strives to remain at the forefront of compliance by keeping abreast of international developments on the anti-money laundering and terrorist financing front, not only to strengthen its future conduct, but also its responsibility towards its clients and counterparts.”
About Pilatus Bank
Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank’s simple and convenient solution has been a hallmark of transformation and quality of service.
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