| PT 2002-07-04 |
| The European Commission is planning to introduce new controls on cash entering and leaving EU member states in an effort to clamp down on money laundering within the 15 nation bloc.
The EU Money Laundering Directive stipulates that credit and financial institutions within the European Union are obliged to properly identify their customers at the start of their business relationship, when a single transaction (or linked transactions) equal more than 15,000 euros, or when money laundering practices are suspected. |
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