Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

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When was the Council of Europe Directive on prevention of money laundering revised?

January 2000
December 2001
June 2003
October 2005

The correct answer is: December 2001

The Council of Europe Directive on the prevention of money laundering was revised in December 2001. This revision was part of ongoing efforts to strengthen the legal frameworks and measures to combat money laundering across member states. The revision aimed to enhance the effectiveness of efforts to prevent and combat money laundering, reflecting the evolving risks and challenges in the financial environment. This included updating definitions, expanding the scope of reporting obligations, and improving the due diligence requirements for financial institutions. Such measures were crucial, especially following various global initiatives aimed at combatting financial crime and improving cooperation between countries. Understanding the timing of these revisions helps in grasping the historical context of anti-money laundering efforts and the significance of ongoing updates to legislation as new methods of money laundering emerge.