Tag: money laundering

The European Commission is to propose strict new rules on money transfers in an attempt to combat terrorist financing.

The controversial third money laundering directive was adopted by the Council on 20 September 2005. Its stated aim, to include terrorist financing within the money laundering provisions, seems uncontroversial enough, but it is the means and their implications for businesses and fundamental rights which are worrying financiers, lawyers and commentators.

A proposal for a third money laundering directive is causing controversy. The aim, including terrorist financing, seems uncontroversial enough, but it is the means and their implications for fundamental rights which are worrying business, lawyers and political commentators.

The issue of organised crime has, since the 2004 Madrid bombings and the 2005 London attacks, taken a back seat to the overriding priority of the fight against terrorism. However, drugs and human trafficking are still policy priorities.

A report on the real convergence in candidate countries and their pre-accession economic programmes, recently released by the Commission, shows that some candidates will need several generations to catch up with EU levels.

The European Parliament approved in its third reading the compromise reached within the Conciliation Committee on the money-laundering directive. The compromise tries to find the right balance between professional lawyers' right to secrecy and the need to get information on criminal money laundering activities.

EU finance ministers agreed to accept the conciliation compromise on the directive to prevent money laundering and intensify the fight against terrorism funds. It is likely that the Parliament will give its final blessing during the November plenary session in Strasbourg (from 12-15 November).

EU ministers agreed on measures to step up the fight against international money laundering