Förderverein Informationstechnik und Gesellschaft

Noch strengere Geldwaesche-Vorschriften der EU?

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

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