Brussels, 29/09/2000 (Agence Europe) - Friday, the EcoFin Council managed to reach a political agreement on the directive aimed at strengthening Community legislation in the fight against money laundering. Priority of the French Presidency, this agreement was welcomed as "very great progress", by the President of the Council, Laurent Fabius. The text is aimed at broadening the definition of money laundering to all organised criminal activities (beyond drug trafficking), as well as corruption and fraud against the EU's financial interests, the minister explained. It also broadens the list of professions subjected to a legal obligation to declare any suspect transaction of more than or equal to 15,000 euro to the legal authorities. To credit establishments and financial institutions will be added the professions of accountancy and tax advisors, real estate agents, merchants in objects of great value, casinos, as well as lawyers and solicitors. It is on this last point that the debate essentially revolved, Germany and Austria putting forward arguments of a constitutional nature against the inclusion of a profession covered by the secrecy of the right of defence. A change of wording finally allowed the Presidency to overcome the problem and note an agreement (without however having a vote).
The text still needs finalising by the Committee of Permanent Representatives of the Fifteen. It will then be forwarded to the European Parliament for a second reading, according to the co-decision procedure.