EU AML law gets Level 2 OK
BRUSSELS – The European Commission's Third Money Laundering Directive has moved a step closer to the statute book with EU member states agreeing to a draft for Level 2 implementing measures.
The directive, which was adopted in October 2005, aims to make it harder for criminals to take advantage of cross-border integration and greater co-operation between financial institutions across the common market. The agreement, reached last month, will see the beginning of the implementation process within individual member states, laying the groundwork for the ultimate enforcement of the directive in December 2007. Although the implementation measures have been passed by the European
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