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IBA Anti-Money Laundering Legislation Implementation Group Overview The Anti-Money Laundering Legislation Implementation Group is a specialised Working Group of the IBA’s Public and Professional Interest Division. The Group tackles the practical difficulties for the legal profession presented by compliance with anti-money laundering legislation in Europe and the rest of the world. The aims of the Anti-Money Laundering Legislation Implementation Group are to:
Anti-Money Laundering Legislation Implementation Group Members Stephen Revell, Group Co-ordinator The IBA Anti-Money Laundering Website is the first one-stop-shop for access to the most current versions of new anti-money laundering laws and regulations that have a significant impact on the legal profession. The website currently features coverage of lawyer’s responsibilities in connection with anti-money laundering legislation in over 100 jurisdictions. The IBA Anti-Money Laundering Website is available at www.anti-moneylaundering.org. Implementation of EU Third Money Laundering DirectiveDirective 2005/60/EC of the European Parliament and of the Council formally adopted on 20 September 2005, on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the 'Third EU Money Laundering Directive'), was published in the Official Journal L 309 of 25 November 2005. Member States have two years to adopt and bring into force appropriate implementing measures - the implementation deadline is 15 December 2007. This new Directive will repeal and replace the existing 1991 Directive (as amended in 2001). The aims of the Third Directive are to consolidate the First and Second Directives and to make appropriate amendments to take into account the revision of the Financial Action Task Force (FATF) 40 Recommendations. The FATF amended the 40 Recommendations in June 2004 and introduced a number of substantial changes. A copy of the Directive as published in the Official Journal is available here. The European Commission was required by Article 2 of the Second Directive to propose a new Directive before 15 December 2004, which includes a new definition of 'serious offences'. A draft proposal for a Third Directive was issued on 22 March 2004, with the Commission issuing the formal proposal on 30 June 2004 which contained some changes to the draft. Click here to download proposal of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering, including terrorist financing (30 June 2004). Download IBA comments on the European Commission’s preliminary draft articles for a Third EU Money Directive. Download a mark-up version IBA comments on the European Commission’s preliminary draft articles for a Third EU Money Directive. Download the Anti-Money Laundering Group comments to the European Commission's Working Document containing draft legislative language on possible implementing measures to the Third EU Directive. Download the Commission’s Working Document. IBA Urges Caution in the Implementation of the Third EU Money Laundering Directive Download the press release. IBA voices concern at a European Commission Meeting over the difficulties on the application of Anti-Money Laundering Legislation to the legal profession
Download the press release.
IBA Debates Concerns about Anti-Money Laundering Legislation at FATF Summit
Download the press release.
The Anti-Money Laundering Legislation Implementation Group attended a meeting of the DG Internal Markets And Services Division Of The European Commission, Brussels, 16 October 2006
Anti-Money Laundering Website
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