The European Commission has announced that the EU Directive on
combating money laundering is to be made more effective by a
forthcoming proposal to extend its scope. The proposal will extend
the obligations contained in the 1991 Directive to activities and
professions outside the financial services sector, such as
auditors, legal professions, real estate agents and casinos. The
proposal will also extend the definition of suspicious transactions
to cover the proceeds of other serious crimes besides drug
trafficking. Such an extension of the Directive will bring EU rules
into line with the latest international recommendations. The
announcement was featured in a Commission report on implementation
of the 1991 Directive.