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Government calls for tightening of money laundering laws

The Government is calling on the European Commission to tighten existing money laundering legislation.


The Commission is currently updating its directive on money laundering aiming to strengthen existing rules governing financial institutions throughout the European Union.


The Treasury economic secretary Melanie Johnson says: &#34The UK will push for a tough directive to bring Europe more into line with the UK. The Commission&#39s proposals are an excellent starting point . But in some areas they do not go far enough.


&#34We want to see the scope of the directive extended to the proceeds of all serious crimes. And we will work with other member states to ensure that where money laundering is involved, financial sector professionals cannot hide behind excessive professional secrecy.&#34

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