Brussels, 08/11/2006 (Agence Europe) - The Ecofin Council on 7 November adopted, without debate, the draft regulation on obligations regarding information on initiators of cash settlements in view of preventing money laundering and the funding of terrorism. Germany and France abstained. This Council decision, which follows the opinion of the European Parliament last July (EUROPE 9232), will allow for the definitive adoption of the regulation in the first reading. The new measures will be applicable from 1 January 2007.
The regulation does not apply to cash settlements made electronically for amounts less than €1000, a clause that the EP introduced. This derogation includes provisions from directive 2005/60/EC, the so-called “3rd directive on money laundering” and complies with recommendations from the Financial Action Task Force on Money Laundering (FATF). (mb)