EU Ecofinance Ministers Approve the 3rd Anti-Money Laundering Directive

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Tuesday, February 1, 2005
Author: 
Bruce Zagaris
Volume: 
21
Issue: 
2
45
Abstract: 
On December 7, 2004, the European Union finance ministers agreed to the third directive on anti-money laundering, targeting in part the measure specifically at methods used to finance terrorism. The European Parliament still must approve before the directive becomes law. It will require any business that accepts payments in cash exceeding 15,000 euros ($19,992) to file currency transactions reports. Additionally, persons wanting to send 15,000 euros in cash or more outside the EU must obtain special permission...[more]