CEA comments on Money Laundering Directive

07 December 2004

The Comité européen des assurances (CEA) issued its comments on the proposed money laundering directive. CEA has concerns on several points of the draft proposal and asks among others to take more account of the requirements aligned with the Financial Action Task Force (FATF) recommendations.

With regard to the obligations in low-risk situations, CEA argues that these relatively low limits represent a considerable administrative cost for insurance undertakings the two thresholds. Therefore, the two limits, i.e. where the annual insurance premium is no more than EUR 1000 or the single insurance premium is no more than EUR 2500, should be changed and increased to a more realistic level.

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