Luxembourg, 07/06/2005 (Agence Europe) - On 7 June, the Ecofin Council adopted the third directive on the fight against money laundering, the scope of which has been extended to the funding of terrorism and serious crimes such as corruption and fraud. It agreed to all the amendments voted on at first reading by the European Parliament at the end of May (Nassauer report: EUROPE 8956). The directive repeals directive 91/308/EEC, which was modified in 2001. Charlie McCreevy, European Commissioner in charge of the Internal Market, described himself in a press release as "delighted that close cooperation between the EP, the Council and the Commission has led to the rapid adoption of this directive", which takes up "first rate political priorities".
This third directive brings 40 recommendations made by the Financial Action Task Force on Money Laundering (FATF) into European legislation, particularly those on the monitoring of movements of funds carried out by various "politically exposed people" in third countries. It will cover new financial establishments and new professions: foundations, trusts, life assurance brokers and anybody selling goods or services which are paid for in cash for a sum in excess of 15,000 EUR. Lawyers, notaries, accountants, estate agents, art dealers, jewellers, auctioneers and casinos are already covered by the measures in the first directives.