EU: Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing

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Directive (pdf)

Press release (pdf).

This measure is intended to combat money-laundering and terrorist financing. It covers many forms of financial transactions including those over 15,000 euros which raise suspicions of financial institutions and for which there is no plausible explanation.

There are no data protection provisions but the Directive comes under the 1995 EC Directive on data protection. However, Article 28 which says: "The institutions and persons covered by this Directive and their directors and employees shall not disclose to the customer concerned or to other third persons the fact that information has been transmitted..." is contrary to the rights set out in Articles 10 and 11 of the 1995 Directive on the right of the individual to be informed. Article 27 allows data to be passed to: "a third country which imposes requirements equivalent to those laid down in this Directive, and that they are from the same professional category and are subject to equivalent obligations as regards professional secrecy and personal data protection." - which, theoretically, would prohibit data being passed to the USA.

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