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Some solace for lawyers in Money-laundering Directive
May 26, 2005 2:24 PM
Liberal Democrat MEP and author of the Legal Affairs opinion, Diana Wallis, said there was some positive news for lawyers, following today's vote on the 3rd Money-laundering Directive which has gone through in a single first reading following agreement between the European Parliament, Council and the Commission.
Diana Wallis MEP said, "I know that lawyers were disappointed with the failure to get many of the amendments from the Legal Affairs Committee into the final version, but we have got assurance that the long-awaited review of the Second Directive will now be completed."
Ms. Wallis went on to say, "There were concerns that the review by the Commission would have been delayed for a further two years after the implementation of the new Directive. It was scandalous that the original review was not even conducted before the new proposal came out; but that was as much a fault of the Member States for not having implemented the Directive, as of the Commission's. Lawyers have been caught in the middle of all this with their clients waiting to give details of their practical experience of the problems of this legislation."
"I was pleased to get a reiteration from the Commissioner in the debate that the original review will still be completed during 2006, reinforcing the answer that the Commissioner had previously given to a written question from me."
"This is extremely important given the petitions received in the European Parliament and the legal challenges in Member States".
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