According to a Commission's report, although the existing legislative framework appears to work well and that no fundamental shortcomings have been identified which would require substantial changes, some modifications are necessary to adapt to the evolving threats on money laundering.

The report on the application of the Third Anti-Money Laundering Directive adopted by the European Commission shows that the existing framework appears to work well and that no fundamental shortcomings have been identified which would require substantial changes, but some modifications are necessary to adapt to the evolving threats posed. The report also provides an assessment of the Directive's treatment of lawyers and other independent legal professionals.

Michel Barnier, the Internal Market and Services Commissioner stressed that the Commission is committed to rapidly incorporating the new international standards and to ensuring that the European system responds appropriately to evolving threats of money laundering and terrorist financing. He also added that the Commission's aim is to propose clear and proportionate rules which both protect the Single Market and avoid overburdening market participants.

The Third Anti-Money Laundering Directive which was proposed in 2008, sets out a framework which is designed to protect the financial system against the risks of money laundering and terrorist financing and is to a large extent based on international standards adopted by the Financial Action Task Force (FATF). The Report analyses how the different elements of the existing framework have been applied and considers how the framework may need to be changed. The Commission plans to bring forward a proposal for a fourth anti-money laundering Directive in autumn 2012.