Money laundering provisions to get more teeth 

Parliament has voted through a controversial third money laundering directive despite heavy opposition from legal and finance professionals who oppose even existing provisions, saying the obligation to report suspect transactions to a national intelligence unit imposes too heavy an administrative burden and threatens client confidentiality.

There was reportedly a great deal of lobbying against the proposals which led to a number of amendments being put forward to limit disclosure requirements. However, voting on 26 May 2005, Parliament rejected the amendments and approved the directive which is now likely to be finally adopted at the EcoFin Council on 7 June 2005. 

The new directive will extend the obligation to disclose transactions that might be linked to terrorist offences; it catches all cash transactions over €15,000 and imposes penalties for non-disclosure.