Commission publishes feedback statement on Third Money Laundering Directive – The European Commission has published a feedback statement summarising the comments received as part of the consultation on its report on the application of Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.

The Commission received 77 contributions on its report, made by public authorities, business federations and companies in a variety of fields, allowing for a broad representation of various stakeholders.

The overall result of the consultation represents a general confirmation of the issues highlighted in the Commission’s report. Broad support was expressed for the proposed alignment to the revised Financial Action Task Force standards and for greater clarification of certain issues, specifically in the area of data protection and cross-border situations.

The comments reveal a diversity of opinions, but relevant business sectors and non-governmental organisations, among others, welcomed the review as an opportunity to improve the effectiveness of Europe’s anti-money laundering and counter terrorist financing defences.

Next steps. The Commission expects to publish a legislative proposal aimed at revising the Third Money Laundering Directive before the end of 2012.

Copies of the feedback statement and the list of comments received are available.

http://ec.europa.eu/internal_market/company/docs/financial-crime/072012_feedback_statement_en.pdf

http://ec.europa.eu/internal_market/company/financial-crime/received_responses/index_en.htm