Brussels, 04/02/2013 (Agence Europe) - On Tuesday 5 February, the European Commission will propose a 4th directive amending European rules on money laundering and counter-terrorism funding.
The approach followed, which is “not revolutionary”, will be based more on “risks” in line with work by the OECD action group against money laundering (GAFI). The group has members from 15 member nations, those close to Internal Market Commissioner Michel Barnier say. This is a good example of harmonisation, while a number of countries go further than the recommendations made by GAFI, it is pointed out.
In its report on the 3rd directive 2005/60/EC (see EUROPE 10592), the Commission identifies several avenues for amending Community law. The scope of the text should be extended in order to take into account the gaming sector, while Europol has revealed a vast network suspected of having “fixed” nearly 400 football matches during European competitions (see related article). Administrative penalties will also be very severe. Furthermore, the banking sector will be tasked with greater vigilance towards its clientele and cooperation between national financial intelligence units will be encouraged. (MB/transl.jl)