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[FYI] Noch strengere Geldwaesche-Vorschriften der EU?

`[Anonymitaet oder Pseudonymitaet im zahlungsverkehr ist derzeit 
politisch eher 'megaout'.                               -AHH]


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 European Commission proposes tightened money laundering trap
 Details of new European obligations on solicitors to disclose the
 activities of clients suspected of involvement in money laundering
 were released last week. The European Commission is currently
 consulting on its proposals, contained in a draft directive, to
 update and extend the 1991 money laundering Directive (91/308/EEC)
 and bring the legal profession within its ambit [see [1999] Gazette,
 28 April, 9]. The proposals follow a report presented to the European
 Parliament and recommend extending the obligation beyond the
 financial sector to other professions because of evidence that the
 tightening of controls in the financial sector had prompted money
 launderers to seek alternative methods. It also calls for the
 widening of the prohibition on money laundering, which was previously
 limited to drugs trafficking. The new plans recommend that `legal
 professionals' be made subject to the directive's provisions when
 performing certain financial or corporate activities, and comply with
 identification requirements when they are dealing with a sum
 involving at least 1500 Euros. The professional activities to which
 the directive applies in relation to lawyers includes the buying and
 selling of real property, handling of client money, securities and
 other assets, opening or managing bank, savings or securities
 accounts, executing financial transactions, and the creation,
 operation or management of companies, trusts or similar structures.
 The draft legislation provides an exception from co-operating with
 the investigating authorities when lawyers are `representing the
 client in question in any legal proceedings or are acting solely in
 an advisory capacity'. Jon Robins
                                       Date Submitted: Tuesday, June
                                       01, 1999 - 18:03

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