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The Council agreed a general approach to the draft third money laundering Directive on the prevention of the use of the financial system for money laundering and terrorist financing. The Directive was proposed by the Commission in June 2004 implementing the most recent recommendations of the Financial Action Task Force on money laundering (FATF).

The Council’s compromise requires all traders in goods to identify and verify the identity of their customers, report suspicions and record all transactions, whenever a payment is made in cash in excess of Euro 15 000.

The agreed text will be the basis for negotiations


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