DUTCH PUSHING FOR PROGRESS ON NEW EU ANTI-MONEY

UNCLAS THE HAGUE 002759 SIPDIS SENSITIVE STATE FOR INL/C/CP, EB/ESC/TFC, EUR/ERA, EUR/PGI, EUR/UBI TREASURY FOR ZARATE, FINCEN BRUSSELS ALSO FOR LEGATT E.O. 12958 N/A TAGS: EFIN PTER NL EUN SUBJECT: DUTCH PUSHING FOR PROGRESS ON NEW EU ANTI-MONEY LAUNDERING DIRECTIVE BUT SEE DELAYS (SBU) The Ministry of Finance reports (after a recent meeting of the EU contact group on anti-money laundering) that most EU members clearly want a new directive that includes some of the issues that have been dealt with in the new FATF-recommendations, but not in the previous two AML directives, e.g., the identification of the beneficial owner and transparency of legal entities and trusts. However, the Dutch are concerned that the Commission may not table a concrete proposal until late Spring, thus, making it unlikely that the legislation can be considered until the new European Parliament is in place in July. The Netherlands is doing its utmost to make the process go as quickly as possible, so that results can be achieved during the (7/04-12/04) Dutch EU Presidency. They are pressing to Commission to complete its drafting more quickly and hope that another EU contact group meeting will be convened in December 2003. Sobel