Directive 2005/60/EC(1) sets out the framework designed to protect the soundness, integrity and stability of credit and financial institutions and confidence in the financial system as a whole, against the risks of money laundering and terrorist financing.

It follows from the directive that if a a covered entity, such as a bank, suspects that funds are the proceeds of a criminal activity, it is required to report these suspicions to a Financial Intelligence Unit, which will further investigate the case and if necessary transfer it to the national law enforcement authorities.

The Commission has no competence to investigate schemes such as those described by the Honourable Member. This is the responsibility of the relevant national authorities and, ultimately, of national Courts.

(1) OJ L 309, 25.11.2005, p. 15.