L 76/46 Official Journal of the European Union 19.3.2008 DIRECTIVE 2008/20/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 March 2008 amending Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, as regards the implementing powers conferred on the Commission (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE (3)  In accordance with the statement by the European EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular the first and third sentences of Article 47(2) and Article 95 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), Having regard to the opinion of the European Central Bank (2), Acting in accordance with the procedure laid down in Article 251 of the Treaty (), Whereas: (1)  Directive 2005/60/EC (*) provides that certain measures are to be adopted in accordance with Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (%). (2)  Decision 1999/468/EC has been amended by Decision 2006/512)EC, which introduced the regulatory procedure with scrutiny for the adoption of measures of general scope and designed to amend non-essential elements of a basic instrument adopted in accordance with the procedure referred to in Article 251 of the Treaty, inter alia by deleting some of those elements or by supplementing the instrument with new non-essential elements. () O] C 161, 13.7.2007, p. 45. () O] C 39, 23.2.2007, p. 1. (}) Opinion of the European Parliament of 14 November 2007 (not yet published in the Official Journal) and Council Decision of 3 March 2008. (* OJ L 309, 25.11.2005, p. 15. Directive as last amended by Directive 2007/64EC (O] L 319, 5.12.2007, p. 1). () O] L 184, 17.7.1999, p. 23. Decision as amended by Decision 2006/512[EC (O] L 200, 22.7.2006, p. 11). Parliament, the Council and the Commission () concerning Decision 2006/512/EC, for the regulatory procedure with scrutiny to be applicable to instruments adopted in accordance with the procedure referred to in Article 251 of the Treaty which are already in force, those instruments must be adjusted in accordance with the applicable procedures. (4)  The Commission should be empowered to adopt the measures necessary for the implementation of Directive 2005/60/EC in order to take account of technical devel- opments in the fight against money laundering and terrorist financing and to ensure uniform application of that Directive. More particularly, those measures are designed to clarify the technical aspects of some of the definitions provided for under Directive 2005/60/EC, to establish technical criteria for assessing whether situations present a low or high risk of money laundering or terrorist financing, whether or not it is justified to apply that Directive to persons carrying out a financial activity on an occasional or very limited basis, and to adapt the amounts provided for in that Directive, taking account of economic developments and changes in inter- national standards. Since those measures are of general scope and are designed to amend non-essential elements of Directive 2005/60/EC, inter alia by supplementing it with new non-essential elements, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468|EC. (5)  Directive 2005/60/EC provides for a time restriction concerning the implementing powers conferred on the Commission. In their statement concerning Decision 2006/512/EC, the European Parliament, the Council and the Commission stated that Decision 2006/512EC provides a horizontal and satisfactory solution to the European Parliament’s wish to scrutinise the implemen- tation of instruments adopted under the co-decision procedure and that, accordingly, implementing powers should be conferred on the Commission without time limit. The European Parliament and the Council also declared that they would make sure that the proposals aimed at repealing the provisions in the instruments that provide for a time limit on the delegation of im- plementing powers to the Commission are adopted as rapidly as possible. Following the introduction of the regulatory procedure with scrutiny, the provision estab- lishing that time restriction in Directive 2005/60/EC should be deleted. () O] C 255, 21.10.2006, p. 1.