Press Release: Approval of new Directive will boost fight against money laundering and terrorist financing

The European Commission welcomed the European Parliament's approval of the proposed Third Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, 26 May 2005. The Directive applies to the financial and other key services sectors and also covers all providers of goods, when payments are made in cash in excess of €15.000. Those subject to the Directive must co-operate in the fight against money laundering by taking various measures to establish customers' identities, report suspicions and set up preventive systems within their organisations. Final adoption of the Directive was expected at the ECOFIN Council of 7 June 2005 in Luxembourg.