Source: EURLEX
Language: en
Format: md

[**Avis juridique important**](../../../editorial/legal_notice.htm)

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# 91998E2276

**WRITTEN QUESTION No. 2276/98 by Glyn FORD to the Commission. Criminal financial assets** 
  
*Official Journal C 118 , 29/04/1999 P. 0050*

  

WRITTEN QUESTION E-2276/98

by Glyn Ford (PSE) to the Commission

(22 July 1998)

Subject: Criminal financial assets

What steps is the Commission planning to take to utilise the unique opportunity available to identify criminal financial assets at the instant of the conversion from national currencies to the euro?

Are there plans to enlarge Europol's remit to set up a financial unit to enable Europe-wide coordination and cooperation, particularly with regards to drug monies?

Answer given by Mr de Silguy on behalf of the Commission

(25 September 1998)

All Member States have mechanisms in place to prevent misuse of the financial system to launder the proceeds of criminal activities. These mechanisms are based to a large extent on Council Directive 91/308/EEC on prevention of the use of the financial system for the purpose of money laundering(1). As it stands, the Directive prohibits only the laundering of the proceeds of drug trafficking. However, all Member States have made the laundering of money derived from a wider range of criminal activities a criminal offence. The Commission is currently examining the possibility of updating the Directive and widening its scope.

The obligations arising from the Directive will continue to apply in full at the time of the changeover to the euro and will cover the exchange of notes and coins denominated in national currencies. The Commission expects the banks to maintain their usual vigilance during the period preceding the introduction of euro notes and coins and during the transition period itself, with a view to detecting any suspicious transactions. It is continuing to examine the implications of the introduction of the euro for the combating of money laundering, and it has been agreed that the issue will be discussed in the contact committee set up in accordance with the above Directive.

Moreover, measures to prevent and combat counterfeiting will be needed in order to protect the euro. The Council is currently working, with the Commission's active participation, to devise a comprehensive approach including the various parties concerned: Europol, the European Central Bank (ECB) and the Commission, particularly its anti-fraud unit (UCLAF). In this context, the Commission adopted on 22 July 1998 a specific communication to the Council, the European Parliament and the European Central Bank on combating euro counterfeiting(2), in which it puts forward a number of suggestions for further consideration.

(1) OJ L 166, 28.6.1991.

(2) COM(98) 474 final.

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