Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-05-15-Speech-4-069"
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"en.20030515.3.4-069"2
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".
We have become increasingly concerned about money laundering, which constitutes a source of funding for international terrorism and crime. We know that cash is crossing borders as a result of the absence of controls that would allow movements to be monitored along the entire length of the Community frontier.
The directive on money laundering lays down controls on transactions carried out by financial institutions involving sums of EUR 15 000 or more but not on cash movements. This must be achieved by other means, such as introducing controls over cash movements across the Community border, creating uniform rules, plugging loopholes and seeking to balance the need for these controls with the need to protect the internal market and the free movement of capital.
What is required is a Community-based approach, but one which respects, in accordance with the principle of subsidiarity, Member States’ freedom to choose the procedure that suits them. Defining the objectives and rules to be complied with should be done at Community level, but the way in which these are implemented should be left to the discretion of each Member State."@en1
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