Commission proposal on Money Laundering Directive

30 June 2004

The Commission published its proposal to update and improve the existing Money Laundering Directive. The new proposal would ensure that the definition of money laundering includes not only concealing or disguising the proceeds of serious crimes, as defined in the framework of police and judicial cooperation between Member States, but also the financing of terrorism with either criminal or legally acquired money.

More specifically, the proposal would extend the anti-money laundering obligations to providers of services to companies and trusts and life insurance intermediaries. It would go beyond the FATF requirements in bringing within its scope all persons dealing in goods or providing services for cash payment of Euro 15 000 or more.

The proposal will be forwarded to the European Parliament and the EU's Council of Ministers for adoption under the so-called 'co-decision' procedure.

Press release
Proposal

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