WRITTEN QUESTION No. 2710/98 by Marie-Noëlle LIENEMANN to the Commission. Money laundering and the introduction of the euro
Date: 1998-09-01
Institutions: European Parliament, LIENEMANN
Subjects: economic offence, financial market, monetary union, money laundering, organised crime

29.4.1999

EN

Official Journal of the European Communities

C 118/125

will the Commission provide a justification for its decision, taken in July 1998, not to pursue its work on a
proposal for a directive on the distance selling of financial services?

(1) OJ C 85, 17.3.1997, p. 137.

Answer given by Mr Monti on behalf of the Commission

(5 October 1998)

The Commission would inform the Honourable Member that, after examining the proposal for a Directive
on the distance selling of financial services in July, it took the view that adoption should be deferred so
that the matter could be explored further in the light of the points made below.

First, the preparations will have to take account of the strategic review of the single market in financial
services that the Commission will present to the Vienna European Council. Second, the degree of
harmonisation to be achieved will have to be analysed more closely with a view to ensuring a high level of
consumer protection while guaranteeing free movement of financial services provided at a distance.
Lastly, there is a need for total coherence with other Community policies, especially in the field of
electronic commerce.

(1999/C 118/153)

WRITTEN QUESTION E-2710/98

by Marie-Noºlle Lienemann (PSE) to the Commission

Subject: Money laundering and the introduction of the euro

(1 September 1998)

How does the Commission intend to strengthen the arrangements to combat (cid:145)illicit money(cid:146) and the
underground economy?

Answer given by Mr Monti on behalf of the Commission

(5 October 1998)

On 1 July 1998 the Commission adopted its second report (1) to Parliament and the Council on the
implementation of Council Directive 91/308/EEC on prevention of the use of the financial system for the
purpose of money laundering (2).

As well as assessing the current state of the Community(cid:146)s efforts to combat money laundering the report
also announces that the Commission is currently working on a new proposal for a directive to update and
extend the 1991 Directive. This corresponds to the wishes voiced by Parliament in its 1996 (3) report and
resolution2 and to the recommendations of the action plan to combat organised crime approved at the
Amsterdam European Council (4). The new proposal will aim at a wider prohibition of money laundering,
an extension of the obligations of the Directive to certain non-financial professions, and improved
cooperation between anti-money laundering authorities in the Member States.

As regards anti-money laundering efforts at the time of the transition to the Euro the Commission would
refer the Honourable Member to its answer to oral question H-501/98 by Mr Corbett during Question Time
at Parliament(cid:146)s June 1998 part session (5).

(1) COM(98) 401 final.
(2) OJ L 166, 28.6.1991.
(3) Document A4-0187/96 and OJ C 198, 8.7.1996.
(4) OJ C 251, 15.8.1997.
(5) Debates of Parliament (June 1998).