EU Forum on Prevention of Organized Crime Considers EU Anti-Laundering Laws

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Wednesday, January 1, 2003
Author: 
Bruce Zagaris
Volume: 
19
Issue: 
1
27
Abstract: 
On October 1, 2002, the European Commission?s Justice and Home Affairs Office held a workshop as part of an EU Forum on the prevention of organized crime to focus on the reporting obligations under the EU money laundering directives. Mr. Francisco Matias of Europol discussed anti-laundering measures and counter-terrorism financial enforcement. Successful anti-money laundering requires common action between law enforcement agencies and financial institutions. Financial markets and organized crime trends have become more complex. The regulatory and law enforcement focus increasingly on terrorist financing and the use other financial institutions and methods, including the securities markets, wire transfers, and non-profit organizations. Organized crime is no longer hierarchical. Instead it is composed of ?associations.? Criminal infiltration of legal businesses has increased, thereby mixing legal and illegal money. Successful anti-money laundering regimes required dialogue between the government and private sector, which requires appropriate structures to facilitate the dialogue, perhaps even a confidential forum for the exchanged of views.