Third AML directive to be introduced by June

Brussels -- Work has begun on the drafting of the third EU money laundering directive, even though many European countries have not implemented the second directive, according to both industry sources and the EU Commission. Indeed, the Commission has announced its intention of completing the draft directive by June of this year, a timetable that industry sources say is very tight.

The third money laundering directive will update the second money laundering directive, completed in 2001 but not yet implemented in seven members states. In fact, the UK Treasury did not lay its framework for implementing the second directive before the UK Parliament until the very end of 2003.

According to an EU Commission source: “Infringement proceedings for non-communication of transposition measures have already been initiated against those member states failing to fulfil their commitments