Third AML directive gets go-ahead
BRUSSELS – Despite intensive lobbying, the third anti-money laundering directive was approved by the European Parliament at its May 26 sitting. The European Commission said it welcomed the approval, and the legislation will now be put forward to the Ecofin council on June 7 in Luxembourg.
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
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