What are the European Union Directives on Money Laundering?

The correct answer is C. They require members to implement certain laws of prevent money laundering. The first European Union Directive, "Prevention of the Use of the Financial System for the Purpose of Money Laundering (Directive 91/308/EEC)," was adopted by the Council of the European Communities in June 1991. Like all directives adopted by the Council, it required member…

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

AThey are voluntary codes of best practice for the financial sector
BThey are written by the Wolfsberg Group
CThey require members to implement certain laws of prevent money laundering
DThey require financial institutions to report suspicious activity to the Egmont Group in Brussels

How the community answered

(21 responses)

A
10% (2)
B
5% (1)
C
86% (18)

Explanation

The first European Union Directive, "Prevention of the Use of the Financial System for the Purpose of Money Laundering (Directive 91/308/EEC)," was adopted by the Council of the European Communities in June 1991. Like all directives adopted by the Council, it required member states to achieve (by amending national law, if necessary) the specified results. This First Directive required the members to enact legislation to prevent their domestic financial systems from being used for money laundering.

Topics

#EU Directives#AML legislation#member state obligations#international standards

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