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EU to Widen Net Against Money Laundering

European Union proposes new rules to ‘enhance diligence’ against money launderers and terrorists

Thursday 1st July 2004



The European Commission has proposed a new set of stringent laws aimed at countering terrorists who may use Internet businesses to launder money and finance their operations. As reported today by Bloomberg, Brussels is looking to ensure that businesses verify customer identities, watch for suspicious transaction patterns and report any cash purchase of more than 15,000 euros. As well as online casinos the rules would extend to other businesses beyond the banking system, such as service providers, trusts, jewellers and auction houses.

“The fight against money laundering and terrorist financing is a top political priority for the commission,'' Frits Bolkestein, EU commissioner for financial services, said following the announcement of the proposals. ”We have to do what we can to make it as difficult as possible.”

The commission is currently considering legal action against several member states, including France and Greece, for failing to sufficiently implement last years set of anti-money-laundering rules.




Source: OnlineCasinoNews