3rd AMLD 2006, Transposing Dec 2007: Enhanced Due Diligence, Service Providers & Terrorist Financing
The 3rd Directive took into account the FATF’s revised AML & CFT standards of 2003, as a culmination of the sudden realisation of the susceptibility of Designated Non-Financial Businesses and Professions such as lawyers to the furtherance of money laundering transactions and the changing political and economic circumstances in the wake of September 11 and the Madrid Bombings. The deadline for transposing the Third Directive into national law was 15 December 2007.
Since its implementation, the 3rd Directive has tightened the EU anti-money laundering regime. Professionals such as lawyers were finally included within the scope of the Directive. In fact, the 3rd Directive makes the regime applicable to lawyers, notaries, accountants, real estate agents, casinos and encompassing trust and company services, exceeding €15K. It also included measures against the financing of terrorism.
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