Comparative Implementation of EU Directives (II): Money Laundering
The City of London has published a report on the implementation of the EU Second Money Laundering Directive in the UK, Spain, Italy, Greece, Poland and Lithuania. The report was produced by Jane Welch and a team of lawyers under the auspices of the British Institute of International and Comparative Law. It highlights inconsistencies in implementation and enforcement of the Directive and shows that radical changes to national law are necessary in several Member States, both to ensure proper implementation of the Third Money Laundering Directive by December 2007 and consistency in tackling money laundering across the EU.
"An effective anti-money laundering regime, which deters and detects determined criminals without placing unrealistic burdens on honest businesses and their advisers, is essential if we are to maintain the integrity and effectiveness of the financial system. Within the EU single market, it is also vital that this regime operates in a uniform manner" said Michael Snyder, Chairman of the Policy and Resources Committee of the City of London.
The report is the second of two produced for the City of London - the first on the implementation of the Insider Dealing and Market Abuse Directives was published in December 2005.
To download a copy of the report click here.