New money laundering law puts more onus on professions

The European Parliament on 26 May 2005 voted in favour of Commission proposals to revise the current Money Laundering Directive so that it covers the funding of terrorism. However, MEPs adopted amendments to define more clearly the responsibilities of financial institutions, lawyers, insurance agents and others involved in money laundering or the funding of terrorism.

European Commission: Press Release: IP/05/616 http://europa.eu/rapid/pressReleasesAction.do?reference=IP/05/616&format=HTML&aged=0&language=EN&guiLanguage=en

European Parliament: Daily Notebook, 26.5.05: Money laundering directive to cover funding of terrorism http://europarl.europa.eu/omk/sipade2?PUBREF=-//EP//TEXT+PRESS+DN-20050526-1+0+DOC+XML+V0//EN&LEVEL=2&NAV=S

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