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Fourth money laundering directive proposals will be unveiled next year, says European Commission

Apr 06 2011 Martin Coyle in Paris

The European Commission will release proposals for a fourth money laundering directive next year, Eric Ducoulombier, a deputy head of unit in corporate governance and financial crime at the EC, told a conference. He said that the commission was currently working "hand in hand" with the international standard setter, the Financial Action Task Force, on the proposals. Ducoulombier, who was speaking at the C5 anti-money laundering conference in Paris yesterday, said that it was important that the new standards were "state of the art" and "top of the league" to counter the intelligence and sophistication of criminals. Ducoulombier told delegates that the updated legislation would take account of FATF's current work in revising its 40+9 recommendations, which are due out later this year. The commission will also take account of its own knowledge and "experiments" with the Third Money Laundering Directive, as well as points raised by a major AML study that Deloitte conducted on behalf of the

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