Third AML directive gets go-ahead


The directive will expand reporting requirements to all firms that have cash payments made in excess of e15,000, and widens the scope of EU activities to the prevention of terrorist financing, in line with best practices suggested by the Financial Action Task Force, a Paris-based partnership of governments in the fight against money laundering.

Lobbyists from the financial services, auditing and legal professions all failed to get most of their key amendments accepted into the final legislation

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