A report by the City of London revealed that the European Union's Second Money Laundering Directive has been haphazardly transposed into domestic legislation, from ill-defined terminology to identity verification, in six of its member states, UK, Spain, Italy, Greece, Poland and Lithuania. "This report makes it clear that implementation of the Second Money Laundering Directive fell some way short of producing a uniform anti-money laundering regime across the EU," said Michael Snyder, Chairman, Policy and Resources Committee for the City of London. Snyder wrote in the report that it "demonstrates how a combination of imprecise terminology in the directive itself...
France's highest court has overturned a law requiring lawyers to report the suspicious activities of their clients related to money laundering, a provision of the European Union's Second Money Laundering directive, which France adopted by decree in 2006.
As the deadline nears for the 25 member countries of the European Union to implement the provisions of the EU Third Money Laundering Directive, U.S. bankers have become aware that it's tougher in some provisions than the USA Patriot Act and other U.S. banking regulations.
The U.K. government, frequently criticized for interpreting European Union directives more strictly than many deem necessary or as the English say, gold-plating the rules isnt embellishing the EUs latest directive with exaggerated regulations.
On September 20 the Council of the European Union formally adopted the Third Money Laundering Directive, otherwise known as the Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose o