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Brussels, 11 May 2006

Money laundering and terrorist financing: Member States agree to Commission draft for 'level 2' implementing measures

The Committee for the Prevention of Money Laundering and Terrorist Financing, a regulatory committee composed of Member States and chaired by the European Commission, agreed on 10 May 2006 to the Commission's formal draft for technical measures implementing the Third Directive on the prevention of money laundering and terrorist financing. The Directive was adopted in October 2005 (IP/05/682) and is to be implemented at the latest in December 2007. The proposed technical measures were formally presented to the European Parliament and to the Committee mid-April 2006.

The measures are based on extensive stakeholder consultation and address the following: (a) a definition of what should be understood by the term 'Politically Exposed Person'; (b) technical criteria allowing the extension of situations in which the procedures for customer due diligence may be simplified; and (c) technical criteria allowing Member States to exclude from the scope of the application of the Directive those persons/entities conducting financial activities on an occasional or very limited basis. The measures will provide greater flexibility to Member States while maintaining a level playing field, and are essential to the completion of the Third Directive, which is a key measure for preventing and combating organised crime and terrorism at EU level.
In accordance with the Directive's procedures, the Parliament will have one month following the committee's vote to verify that the limits set in the 'level 1' measures have been respected, before the measures are adopted by the Commission, probably during summer 2006. Further information is available at:

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