EU AML directive bolder than FATF
VIENNA – The third EU directive on money laundering is super-equivalent to the Financial Action Task Force’s 40 Recommendations in several areas, says Joeb Rietrae, head of the EU Commission’s anti-money laundering effort in the Internal Markets Directorate. Rietrae was speaking at an AML conference in Vienna late last month.
Rietrae said the new EU directive – passed by the Commission in June and now before the parliament and EU Council – could be passed within the first half of 2005.
The new legislation has several key definitions that supercede those in the FATF documents, says Rietrae. The definition of money laundering has been widened substantially to include all forms of serious crime, while the FATF rules designate only certain types of crimes, and allows member countries to adjust this list.
The EU has also
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