The Council of the Bars and Law Societies of the European Union (CCBE) this week criticised the introduction of a third European money laundering directive.
It is only three years since the introduction of the second directive, itself an amendment of one drawn up in 1991. Many EU countries, including France, Luxembourg and Portugal, have been slow to implement the 2001 directive.
Peter McNamee, a legal adviser for the CCBE, said: “We believe insufficient time has passed between the second… directive and this proposal. This directive would have been an opportunity to iron out problems with the second directive.”
The proposed directive is designed to strengthen EU defences against terrorist financing as well as money laundering. It would also extend anti-money laundering obligations to providers of services to companies and trusts, as well as life insurance intermediaries.