PRECIOUS METAL DEALERS COPE WITH EU MONEY LAUNDERING LEGISLATION
April 1st, 2007
BY KEITH NUTHALLTHE EUROPEAN Union's (EU) second money laundering directive (2001) was hailed at the time of its approval as a major step forward in the fight against money laundering by extending to a range of new professions the reporting and identification obligations previously confined to financial institutions. In practice though, the directive has failed to deliver anything like the hoped-for advances in respect of jewellers and precious metal dealers. Their experience is a good example of what happens when well-meaning legislation fails to take adequate ...
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