European Action against Money Laundering

The European Commission has welcomed the recent agreement by the European Council to its anti-money laundering package.

The agreement follows the completion of a first reading in the European Parliament in March 2014, and paves the way for the start of trilogues in the Autumn, says the Commission.

The proposals, which were adopted by the Commission in February 2013, consist of two legal instruments:

• A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
• A regulation on information accompanying transfers of funds to secure "due traceability" of these transfers.

Both proposals fully take into account the 2012 Recommendations of the Financial Action Task Force, the world anti-money laundering body, and go further in a number of fields to promote the highest standards for anti-money laundering and counter terrorism financing.

“The agreement in Council today represents an important step towards the adoption of stronger rules to combat money laundering and terrorist financing,” commented Internal Market Commissioner Michel Barnier. “Europe must lead by example by putting in place a framework which focuses on greater effectiveness and improved transparency in order to make it harder for criminals to abuse the financial system.”

“Enhancing beneficial ownership transparency has been at the heart of the international agenda and I particularly welcome the ambition of both the Parliament and Member States to introduce new investigative tools,” he added.

Criminal defence and legal advice in Scotland

For specialist legal advice on financial crimes from our criminal defence solicitors based in Glasgow contact us today.