The European Union's proposal for a fourth directive to govern money laundering controls is unlike any of its predecessors and promises to be nothing like the directive which, according to its text, will supersede it in a few years.

The European Union's proposal for a fourth directive to govern money laundering controls is unlike any of its predecessors and promises to be nothing like the directive which, according to its text, will supersede it in a few years. It is expected to become EU law very late in the year or early in the next.