Anti-Money Laundering Directive
This legislation is a step towards tackling corruption and anonymous ownership in the EU, such as shell companies and the abuse of trusts. However, concerns remain that the final legislation will fall short of full transparency of the real ‘beneficial’ owners behind companies and trusts. Under the new legislation, full access to company beneficial ownership data will be granted to law enforcement and relevant government bodies in central registers established by EU Member States. Partial access will be provided to the public such as investigative journalists and NGOs if they can prove a legitimate interest. A drawback of the compromise would be the creation of a new layer of bureaucracy to manage requests, which could also slow down investigations. It remains to be seen how countries will assess who has a legitimate interest. Other important changes include tightening up of rules for politically exposed persons, more effective cooperation between EU Financial Intelligence Units, and the adoption of a “risk-based approach’.
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Conflict Minerals Directive
The trade in minerals, precious stones and other natural resources provides the cash for some of the world’s most brutal conflicts. Resources purchased from conflict or high-risk areas, such as parts of the Democratic Republic of Congo, Colombia, and Central African Republic can fund war and human rights abuses. Businesses are at risk of trading minerals that are funding the very same conflicts that European aid is trying to alleviate. A binding European law is needed to compel companies to track where their natural resources come from, the conditions under which they were extracted and traded, and to disclose their efforts to the consumer. This process is called supply chain due diligence.
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Transparency Directive
?????????The EU’s so-called Transparency Directive (Council Directive 89/105/EEC) aims to ensure the transparency of measures established by EU countries to control the pricing and reimbursement of medicinal products. It defines a series of procedural requirements designed to verify that national pricing and reimbursement decisions do not create obstacles to the pharmaceutical trade within the EU’s Internal Market.???????
http://ec.europa.eu/finance/accounting/legal_framework/transparency_directive/index_en.htm