EU tightens laundering directive

Lawyers will be required to demand identification from clients under aproposed EU

extension to its money laundering directive.The proposals will extend obligations beyond

investment lawyers and applyto transactions of u9,950 or more.Legal professionals

handling client money, securities and client assetswill all come under the

requirements.Proposals are also targeting financial transactions, bank

accountsmanagement, the operation of companies and trusts and property trades.UK-based

money laundering investigators say the directive should encouragelawyers to inform on

suspect clients.”This directive will hopefully make them think about who walks

throughtheir doors. We know some solicitors are not doing much due diligence onclients.

If they get a bad one, they should let us know,” says DetectiveSergeant John Oldfield,

of the National Crime Squad.