Identifier
Created
Classification
Origin
03THEHAGUE2759
2003-11-03 15:39:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy The Hague
Cable title:
DUTCH PUSHING FOR PROGRESS ON NEW EU ANTI-MONEY
how-toThis record is a partial extract of the original cable. The full text of the original cable is not available.
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
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