European Professional Associations Agree on Due Diligence Against Organized Crime and U.S. Starts Gatekeepers Initiatives (IB)

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Monday, May 1, 2000
Bruce Zagaris
On July 27, 1999, in Brussels, Belgium, the Council of the Bars and Law Societies of the European Community, the Conference of Notaries of the European Union, the European Federation of Accountants and Auditors for Small and Medium-Sized Enterprise (EFAA) and the Federation of European Accountants signed a Charter on combating organized crime. The Charter contains the ethical principles to which the professions must submit themselves. They include to check the identity of their clients, and refrain from the receipt of bribes or the contribution to illegal activities. The Charter provides for each of the professionals to prepare or improve mechanisms to assist their members, supervisory mechanisms and disciplinary sanctions. In addition, the professionals will undertake awareness-raising actions that the EC is considering supporting…[more]