Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-05-25-Speech-3-140"
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"en.20050525.16.3-140"2
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".
Mr President, the fight against money laundering and terrorist financing is a political priority for the European Union. The Commission adopted this proposal for a third directive on the fight against money laundering and terrorist financing less than a year ago! And today it is before this House. This testifies to the importance of this text.
Work has progressed fast because all the institutions of the European Union have been fully dedicated to ensuring that the European Union is equipped with state
of
the
art defences in the field. This directive builds on existing Community texts and incorporates into Community law the revised 40 recommendations of the Financial Action Task Force on money laundering and terrorist financing.
The directive tightens the controls in the financial sector against money launderers and terrorist financers and strengthens cooperation between countries. Not only will the fight against money laundering and terrorist financing benefit from this, but so will the integrity and stability of the financial sector. The EU is also setting an example for other countries in the world to follow and match.
The third anti
money laundering directive will prohibit money laundering as well as terrorist financing. It is applicable to the financial sector as well as to lawyers, notaries, accountants, real estate agents and casinos, trust and company service providers as well as all providers of goods when payments are made in cash in excess of EUR 15 000. These people need, firstly, to identify and verify the identity of their customer and of its beneficial owner and to monitor transactions with the customer, while taking into account a risk
based approach; secondly, to report suspicions on money laundering and terrorist financing to the national financial intelligence unit; and, thirdly, to take supporting measures, such as record keeping, training of personnel and the establishment of internal policies and procedures. The directive is completed with a section on supervision and offers the possibility to take implementing measures.
With this updated system we have progressed enormously. I should like in particular to underline the following elements.
The cooperation between the European Parliament, the presidency and the Commission on this directive has been extremely constructive. This shows not only the willingness to have a fast
track adoption at first reading, but also the priority that all of us give to combating money laundering and fighting terrorist financing.
Furthermore, I especially appreciated the fact that we have all shown a sincere desire to achieve a compromise on the main issues, i.e. the definition of the beneficial owner, the definition of and the application of enhanced due diligence in respect of politically exposed persons, the coverage of trusts and lawyers and last, but not least, comitology.
In respect of comitology, I underline that in the actual situation the Commission as a maximum is willing to accept a sunset clause. This clause provides for the suspension of the comitology procedure four years after the entry into force of the directive. In accordance with Article 251 of the Treaty, these measures may be renewed by Parliament and the Council on a proposal from the Commission.
I would like to thank Parliament in advance for making a first reading agreement possible and in particular I would like to congratulate warmly Mr Nassauer, Mr Muscat and the shadow rapporteurs on the quality of their work and thank them for the extremely constructive spirit in which they have produced their report."@en1
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