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European Parliament establishes third money-laundering directive.

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CIMA is advising members and students to take heed of a number of changes to money-laundering legislation in the EU.

The European Parliament has approved a third money-laundering directive, which is intended to bring member states' legislation into line with new global standards 011 tackling the crime.

According to the institute, financial managers should be aware that they are particularly affected by a number of issues relating to the directive. These include: the definition of serious crime; the requirement to identify the ultimate beneficial owner of a transaction (which may be hard in the case of a legal entity): and the proper balance between regimes applicable to lawyers and accountants in tax matters.

"The directive takes account of the 40 recommendations of the Financial Action Task Force on Money Laundering," said Martin Nimmo, head of policy and plans in CIMA's professional standards department. "Its effect on UK legislation is likely to be minimal, as current legislation already embraces the requirements. But members and students should be aware of changes under way in the UK that may affect their work--the Serious Organised Crime and Police Act...

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