EU issues sweeping directive
to control money laundering and terrorist financing. The European Union
(EU) has issued Directive 2005/60/EC on the prevention of the use of the
financial system for the purpose of money laundering and terrorist financing.
It requires the EU Member States to prohibit money laundering and terrorist
financing through, for example, financial institutions, legal professionals,
tax advisors, real estate agents, trading companies, and casinos. The specific
provisions include: (1) Financial institutions must not maintain anonymous
accounts (Article 6); (2) all covered institutions and individuals must apply
customer due diligence when establishing business relationships, including
identifying customer identity and scrutinizing transactions (Article 8); (3)
Casinos must identify customers who purchase EURO 2,000 or more in gambling
chips (Article 10). The EU Member States must implement this directive by
December 15, 2007. – A “directive” must be implemented by the EU Member States
to be effective. Citation: 2005 O.J. of the European Union (L 309) 15,
25 November 2005.
**** Mr. William B. Blanchard (“Bill Blanchard”) is a Real Estate Attorney with offices in St. Charles and Oakbrook Terrace, Illinois. Bill specializes in representing real estate clients for purchases and sales as well as home owner real estate tax assessment appeals. Mr. Blanchard is General Counsel for Gaia Title, Inc. a title insurance agency and settlement services provider. The Company is owned by real estate attorneys who demand exemplary title insurance services and accurate and efficient settlement services. As General Counsel he is responsible for title examination, commitment and policy review, escrow settlement supervision and regulatory review. - Attorney Profile: https://solomonlawguild.com/william-b-blanchard%2C-esq - Attorney News: https://attorneygazette.com/william-blanchard%2C-esq#40b43d7b-94b2-48d3-b055-1979a636f1e7
