Commission publishes report on the Third Anti-Money Laundering Directive – The European Commission has published a report on the application of the Third Anti-Money Laundering (AML) Directive. The report aims to identify the Third AML Directive’s shortcomings with a view to the EC proposing a Fourth AML Directive in the Autumn.
In addition, the report considers how to implement the revised set of international standards issued by the Financial Action Task Force in order to tackle money laundering and terrorist financing (See Daily News 17 February 2012) which the Commission wishes to incorporate into European legislation
Among other things, the report considers:
- • possible extensions to the scope of the rules, for example to ensure a more comprehensive coverage of the gambling sector, as well as the incorporation of tax crimes as a new predicate offence for money laundering;
- • possible clarification of the rules on customer due diligence which require that banks and other obliged entities have in place adequate controls and procedures so that they know the customers with whom they are dealing and understand the nature of their business;
- • incorporating new provisions to deal with politically exposed persons; and
- • clarifying how AML supervisory powers apply in cross-border situations.
The deadline for comments is 13 June 2012.
Copies of the related press release, the Report and FAQs are available
http://ec.europa.eu/internal_market/company/docs/financial-crime/20120411_report_en.pdf
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