EU Issues Survey of Legal Profession Implementation of Anti-Money Laundering Directive

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Thursday, February 1, 2007
Author: 
Bruce Zagaris
Volume: 
23
Issue: 
2
Abstract: 

On December 19, 2006, the European Commission issued the results of a survey of the legal profession’s implementation of the anti-money laundering directive, finding low, uneven levels of implementation.1  The report was required by the Second Anti-Money Laundering Directive 1001/97/EC (the Second Directive”),2 which mandates that the Commission investigate “the specific treatment of lawyers and other independent legal professionals” pursuant to that directive.  A newer Third Directive3 supersedes the Second Directive, although it does not substantially change the legal profession’s obligations concerning anti-money laundering (AML) due diligence.



            1              Commission of the European Communities, The Application to the Legal Profession of Directive 91/308/EEC on the Prevention of the Use of the Financial System for the Purpose of Money Laundering, SEC(2006) 1793, Dec. 19, 2006.

            2              Directive 1001/97/EC of 4 December 2001, amending the first anti-money laundering Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering.  OJ L 344/76 of 18.12.2001. 

            3              Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ L 309, 25.11.2005.