Money laundering: amendment to Directive
The Money Laundering Directive (91/308/EEC) has now been amended (by Directive 2001/97/EC). The amendments clarify and extend existing provisions, extending the definition of money laundering beyond drugs related offences and stating which member states are responsible for ensuring compliance by credit and financial institutions based in more than one state.
The amendments also extend the regime to certain other professionals, including lawyers, auditors, external accountants, tax advisors and real estate agents (with exemptions for certain types of legal advice).
The Directive has to be implemented in domestic legislation by 15th June, 2003.
More detailed analysis will be available over coming months.