The problem of money laundering has received increasing attention in recent years. Although many countries have their own money laundering laws the problem can be tackled more successfully with international cooperation. The European Parliament has voted in favor of draft anti-money laundering rules that would require the ultimate owners of companies and trusts to be listed in public registers in European Union (EU) countries. A legislative resolution on changes to the current anti-money laundering directive (AMLD) was passed by 643 votes to 30, with 12 abstentions.

If the amendments are passed they would provide for the establishment of a central public register in each EU state. The individual registers would then be interconnected across the European Union and be made publicly accessible, following prior identification of the person wishing to access the information via basic online registration. Privacy provisions would ensure that only the minimum information necessary was put on the register.

The proposals are intended to force banks, financial institutions, auditors, lawyers, accountants, tax advisers, and real estate agents to be more vigilant about “suspicious” transactions made by their clients. The AMLD provides for a risk-based approach, to enable EU member states to better identify, understand, and mitigate money laundering and terrorist financing risks.

Casinos are included in the scope of the draft rules, but other gambling services posing a low risk may be excluded by member states.