Yesterday the Finance Ministers of the 25 EU countries agreed on a revised directive against money laundering and terrorism financing.
A release from the Office of the Presidency points out that the new directive allows the most recent FATF recommendations to be implemented and the fight against terrorism financing to increase. *”Member states have thus shown their commitment in the struggle against money laundering and terrorism financing,”* the office says.
The directive imposes an obligation on financial institutions and other institutions that may – due to the nature of their business – be able to provide the authorities with information on money laundering and terrorism financing, to identify their clients and report any unusual or suspicious transactions.
The directive also includes measures that have been taken by the international community since the terrorist attacks in the US in 2001. The necessity of those measures and the revised directive were described in the EU action plan on combating terrorism, agreed upon by the European Council in June 2004.
The agreed text will be the basis for negotiations between the Council and Parliament. The Council of the European Union forms, along with the European Parliament, the legislative arm of the EU. It contains ministers of the governments of each of the member states.
Final adoption of the directive is planned before the end of 2005.
**A More Secure World: Our Shared Responsibility**
Meanwhile, a UN High Level Panel on Threats, Challenges and Change has released a report on the world’s new and evolving security threats, including those related to money laundering and terrorism financing. See link below.