11 June 2007
Implementation of EU money laundering directives: governments
urged to get it right this time
On 14 June 2007, the City Office in Brussels, the Law Society of
England and Wales and Anti-Money Laundering Europe (AME) will host
a joint forum to call for effective implementation of money
laundering directives in the EU.
Chaired by Peter Skinner MEP, the roundtable will emphasize the
need for a level competitive playing field across Europe, discuss
barriers to cross-border transactions brought on by over-regulation
and use the City of London’s recent comparative report on
implementation of the Second Money Laundering Directive to
highlight difficulties faced when integrating directives into
national law.
In taking up these issues with EU policy-makers Michael Snyder,
Chairman of the City of London Policy and Resources Committee,
said: “We trust that in the run-up to implementation of the Third
Money Laundering Directive, policy-makers at the national and
European level will find our comparative analysis on the
implementation of the previous legislation helpful. An effective
anti-money laundering regime, in-force across the EU is
essential.”
Implementation issues specific to the UK as a common law country
will be up for debate. Urging the UK to be flexible in the way they
fulfil their commitments to the Third Money Laundering Directive,
Des Hudson Chief Executive of the Law Society, said: “What we are
campaigning for is latitude to produce clear and effective money
laundering regulations”.
STEP Chief Executive David Harvey, on behalf of Anti-Money
Laundering Europe, backed this stating that: "The industry is
committed to effective regulation, but regulation can only be
effective if industry and regulators work in partnership”
Peter Skinner MEP chairing the event said: “Parliament considers
the implementation of laws essential for the internal market as
well as essential for good law”.
Ends
Notes for editors
The City Office in Brussels aims to promote and reinforce in
Europe the competitiveness of the City of London’s business
district and in particular UK-based international financial
services. It is funded and managed by the City of London
Corporation. For more information, please
see the web
pages contact Cubby Fox, Press Officer at the City of
London Corporation on +44 207 332 3451.
The Law
Society of England & Wales, through its Brussels office
represents the interests of solicitors on EU matters affecting them
and their clients.
Further information about the Law Society's
campaign
For more information, please contact Melissa Davis in the Press
Office on +44 207 320 5811.
AME is a Brussels-based interactive public/private forum on EU
anti-money laundering issues. For more information, please
visit their
website or contact Fiona Murray, AME Secretariat on +32 2
230 7439