Europe

The enactment in Europe of the 2005/60/EC Directive of the European Parliament and of the Counsel on the Prevention of the Use of the Financial System for the Purpose of Money Laundering and Terrorist Financing took place on October 26, 2005. This so-called Third Directive became effective on December 15, 2005.

The 40 recommendations of the Financial Action Task Force (FATF) were incorporated in the Third EU Money Laundering Directive.

Germany

On June 18, 2008 the Federal Parliament decided on the new Money Laundering Act (Geldwäschebekämpfungsergänzungsgesetz GwBekErgG) to regulate the obligations of financial institutions in combating money laundering and the financing of terrorism.

Switzerland

The Federal Law for combating money laundering in the financial sector has been in effect in Switzerland since October 10, 1997 (Geldwäschereigesetz, GWG (Anti-Money Laundering Act AMLA). On December 18, 2002 the Swiss Federal Banking Commission (SFBC) issued the Directive on the Prevention of Money Laundering (Geldwäschereiverordnung FINMA).

In addition, a board of control (FINMA) was established to combat money laundering.

Liechtenstein

The money laundering ordinance is described in the Sorgfaltspflichtgesetz (SPG - Due Diligence Act), and is explained in more detail in the Sorgfaltspflichtverordnung (SPV - Due Diligence Directive). Guidelines and further information can be found on the homepage of the Liechtenstein Financial Market Supervisory Authority.

On December 12, 2008 Liechtenstein Parliament decided on a national Money Laundering Act  to regulate the obligations of financial institutions in combating money laundering and the financing of terrorism.

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