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EU Proposes New Money Laundering Rules

BRUSSELS – As reported by Bloomberg: "The European Commission proposed widening the net to catch money launderers and terrorists with new transaction reporting rules for attorneys, insurance brokers and other businesses beyond the banking system.

"The European Union's executive arm in Brussels is seeking to require that businesses verify customer identities, watch for suspicious transaction patterns and report any cash purchase of more than 15,000 euros (US$18,000). The rules would cover businesses such as service providers, trusts, jewelers, auction houses and casinos in the 25 EU countries, officials said.

"…Today's proposal aims to apply suggestions made last year by the Financial Action Task Force, a group of national law enforcement agencies and experts that meet under auspices of the Organization for Economic Cooperation and Development. The draft must be approved by EU governments and the European Parliament and then implemented by each member state…"

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