EU CASH CONTROLS CATCH UNWARY – BUT IMPLEMENTATION HAS BEEN SLOW
April 1st, 2012
BY ALAN OSBORN
A 2010 report by the European Commission on the early operation of the European Union's (EU) cash control regulation (1889/2005) which came into force in 2007 said implementation of the measure had been "generally satisfactory" but the jury is still out regarding its usefulness as an anti-money laundering (AML) tool. The measure was specifically drawn up and put into law in order to prevent the EU's anti-money laundering directive (2005/60/EC - covering credit and financial institutions and others) from being subverted by the movement of ...
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