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Saturday, August 1, 1992
Volume:
8
Issue:
8
Pg. 293
Abstract:
In June 1991, after receiving final approval by the European Community, the directive to fight money laundering within the EC gave member states one year within which to pass necessary legislation requiring banks to identify new customers and make identity checks for all transactions involving more than 15,000 ECUs. Staff training programs to identify suspicious transactions were also mandated. Furthermore, bank secrecy laws will no longer be an obstacle to money laundering investigations. This article will discuss the ramifications of passage of the directive and of community involvement against money laundering as it affects Germany and Italy…[more]