Austria’s Entry into EC Forces Initiative to End Anonymous Accounts

In order to meet the obligations of the European Community’s Anti-Money Laundering Directive upon its entry into the European Economic Area next year, the Government of Austria is considering a bill to ban anonymous bank and savings accounts. The anonymous accounts have also served as an embarrassment to Austria since they have been used for laundering drug money. The Austrian initiative indicates the impact of anti-money laundering initiatives by international organizations and the success of such initiatives…[more]