EU/UK divide on compliance
London – The Third Money Laundering Directive has highlighted the great divide between European and UK regulatory frameworks, said industry experts at the Compliance05 conference in London in mid November. The directive is the latest in EU legislation in the field of money laundering, and all EU member states are expected to have new legislation implementing the directive in the next two years. The UK treasury announced in June that draft regulations are set for 2007.
Che Odlum, anti-money laundering policy advisor at the Law Society, said: "In the UK, we are far ahead in terms of regulatory framework in opposition to our European counterparts. The money laundering regulatory culture in the UK is recognised as being among the most robust in the EU."
"There is already tension between low-risk and high-risk countries, and some jurisdictions will need to make a huge leap to come up to the standard of the UK," she said, adding that Greece, for example has just
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