Besides the Financial Action Task Force (FATF), an increasing number of authorities at international and European level contribute to the world-wide effort against money laundering and terrorist financing. As a result, the banking industry is facing a number of new obligations and an increase in costs of implementation.

At EU level, a proposal for a third Anti-Money Laundering Directive has been published by the Commission on 30 June 2004. The proposed Directive contains aspects of concern for the financial services industry for which, for reasons of efficiency, the fight against money laundering should be focused on the most serious forms of crimes. Resources - public and private alike – should be allocated to the fight against money laundering on a proportionate basis, i.e. in relation to concrete risks faced by banks.