The Economic Modernization Act of 4 August 2008 requires, by order, the adaptation of the third Anti-Money Laundering Directive. This must take place by 6 February 2009. This third directive will bring about major progress, particularly the birth of a risk-adjusted approach.
In 2007, French banks called the government's attention to the need to amend French law to prepare for the implementation of the 3rd Anti-Money Laundering Directive. The accumulation of new laws and regulations over the past 20 years has resulted in a confusing body of anti-money-laundering rules, with banks sometimes finding themselves faced with conflicting obligations. This diminishes the effectiveness of the overall framework and results in legal insecurity that is all the more serious considering the risk of criminal liability.