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Essay sample - Money Laundering
Pages 12 (3012 words)
Various measures have been reported against the growing institution of money laundering from the European end. The 1990 convention was introduced by the Council of Europe at a time when the global awareness of money laundering was minimal and the combat against it was in its initial phases…
The Council of Europe intends at developing a strategy that would conform to the global objectives, be easily adaptable in varying domestic structures and centre on the international fight against terrorism.
European Union's efforts against money laundering have been far more comprehensive and elaborated as compared to the Council of Europe. It has subjected its directives to repetitive rectification in order assimilate latest developments in the international standards and to adopt a model based on FATF's globally acclaimed measures.
Despite a huge time lapse in issuance of its 1st and 2nd Directive EU has imposed continuous changes in its basic structure in order to improve the efficiency of its mandate. This was evident from the centralizing of reporting system, introduction of FIU, extension of membership to non EU trade partners in the 2nd Directive and assuming the global policy of war against terrorism in its 3rd and most recent Directive.
EU stresses on the importance of identification and maintenance of original client records and has therefore expanded the roles of FIU and has given them access to governm ...
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