EU seeks lawyers' views on money laundering

Maltese legal professionals and law firms are being invited by the European Commission to give their views via an online questionnaire on how they are applying anti-money laundering obligations.

The information is being sought as part of the Commission's preparations for a report on the implementation of the second anti-money laundering directive to be submitted to the European Parliament and the Council next year.

Direct involvement of legal professionals and law firms in the compilation of the report is a prerequisite to ensure that it properly reflects their practical experience and the potential difficulties they encounter in fulfilling their obligations.

A recent money laundering EU directive extended anti-money laundering obligations to independent legal professionals, as non-financial businesses are increasingly used for money laundering. Legal professionals subject to the directive are required to cooperate in combating money laundering by taking various measures to establish customers' identities and report suspicions.

These rules have been operational in most member states, including Malta, for a substantial period of time.

Respondents are invited to give their views on questions related to the effectiveness of the reporting obligation, compliance costs and the impact of the directive on the demand for legal services, among others.

The questionnaire can be filled in anonymously. National governments and European organisations of legal professionals have also been asked to provide the Commission with information in this field.

The questionnaire is available in several languages online at: http://europa.eu.int/ yourvoice/ipm/forms/dispatch?form=moneylaundering1.

Replies are accepted until the end of next January.