Change of paradigm in fighting money laundering – A global anti-crime system in operation

Abstract

After years of preparation the Parliament of the European Union adopted the new directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (hereinafter referred to as the directive) relatively quickly, on 26 October 2005, which replaced the first and the second 'anti money laundering directives' bringing back the relevant legislation of the EU to the forefront. The member states are required to adjust their legislation by 15 December 2007 the latest. One might ask whether it is not an exaggeration to speak about a global system of instruments in connection with the regulation of such a special field. In this essay I would like to highlight changes that have contributed to this instrument, which initially served as a tool in the prevention of drug-trafficking, to become a global instrument in anti-crime efforts.