EU Commission Responds to Anti-Money Laundering Proposed Revised Directive

On June 13, 2001, the European Commission provided its opinion on the European Parliament’s amendments to the Council’s common position regarding a proposal for a revised anti-money laundering directive. The Commission did not accept in Amendment 1 the new recital relating to predicate offense of money laundering because it deemed the recital’s coverage, which was limited essentially to organized crime, as too narrow. The Commission does not accept in Amendment 5 the reference to protecting the role of the lawyer and notary when representing the client in proceedings or when advising the client on his situation under law. The Commission prefers strongly exempting only when a lawyer or notary is ascertaining the client’s legal position, which is more precise than the broader concept of providing legal advice…[more]