Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-02-13-Speech-2-200"
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"en.20070213.17.2-200"2
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"I think that what the honourable Member says is quite reasonable. From my knowledge of previous directives, practice varies from Member State to Member State. Furthermore, within Member States, it probably varies between financial institutions – I am aware of that too, but you must remember it is quite early days. I know that we are now on the third anti-money-laundering directive, but people are learning and, hopefully, with the processes we have set up, such as the bodies I have just referred to, best practices can be established and then people can learn from one another.
I would not rule out making some guidelines in the future, as the honourable Member referred to. Perhaps that will be done in the future, either by the Commission or some agency on our behalf through all these processes. However, as the honourable Member will understand, we have gone for the risk-based approach, which leaves a fair degree of flexibility in the hands of the entities, and that leads to some of the problems we have just outlined.
On the other hand, if you went for the more prescriptive approach, line by line, it would probably take ages to get agreement between the different Member States because of the different cultures in this particular area. Hopefully, we are learning, and I do not rule out any future initiative that would bring greater consistency in this area, which is what, I believe, everybody desires."@en1
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