Draft EU regs to simplify due diligence checks

The Treasury says the 108-page consultation, which closes on 2 April 2007, outlines the government’s proposed policies on the EU Directive which has to be implemented by 15 December. In the document the government outlines its proposals to cover the main regulations and definitions in the EU’s Directive including: Extended supervision so all businesses in the regulated sector comply with money laundering requirements, including estate agents, trust and company service providers and unsecured lenders; Strict tests to ensure people running money services businesses and those who he...