The new weapon for combating money laundering in the EU

Abstract

Comments on the Directive 2001/97/EC of the European Parliament and on the Amending Council Directive 91/308/EEC, both of them concerned with preventing use of the financial system for money laundering. Analyses the background of the 2001 Directive and the changes it makes compared to the 1991 EC Directive. Describes the 1991 Directive as a landmark in the fight against money laundering, but indicates why it is no longer effective: many states have already gone beyond its minimum standards, the Financial Action Task Force Recommendations have been revised, and the Amsterdam European Council Action Plan. Describes how the money laundering threat has evolved since 1991, including the shift from the traditional financial sector to non‐financial professions or enterprises.

Citation

Ping, H. (2004), "The new weapon for combating money laundering in the EU", Journal of Money Laundering Control, Vol. 8 No. 2, pp. 115-121. https://doi.org/10.1108/13685200510621163