Road rage killer Kenneth Noye has been told he will not be released from jail on licence, the Parole Board has said.
However, a panel has recommended to the Ministry of Justice (MoJ) that he is suitable for a move to open conditions.
It is up to the MoJ whether or not to accept the recommendation.
Being moved to an open prison is the first stage of the process that usually leads to release. Noye, 68, is entitled to another hearing within two years.
Noye was jailed for life for the road rage murder of 21-year-old Stephen Cameron in 1996 during a fight on an M25 slip road at Swanley in Kent.
He went on the run after the killing but was captured in Spain in 1998 and jailed in 2000.
His minimum term was set at 16 years in 2002 by the then Home Secretary David Blunkett.
Mr Cameron's father Ken said he and his wife Toni were devastated by the recommendation to move Noye to an open prison.
"We wanted him to stay behind bars to pay the price for what he has done," he said.
"If he goes to open conditions we both believe that he will be gone and I don't think they will ever find him a second time.
"He has never shown any remorse for murdering Stephen.
"He left him dying in the gutter and fled to Spain. He has no regard for human life whatsoever."
The parole board met earlier this month to consider a request from Noye to be released from Wayland Prison in Norfolk.
He became one of Britain's most notorious criminals through his involvement in the £26m Brink's-Mat raid in 1983 - one of the UK's biggest robberies.
Six armed men posed as security guards and stole 6,800 gold bars from a warehouse at Heathrow Airport.
During the police investigation, undercover officer Det Con John Fordham was stabbed to death in the grounds of Noye's mansion in West Kingsdown, Kent in 1985.
Noye was cleared of murder on the grounds of self defence, but jailed for 14 years for handling stolen bullion.
The Parole Board said the Secretary of State was under no obligation to follow its recommendation for the move to an open prison.
It said that in considering its recommendation, the board assessed the risks and benefits of such a move, with the emphasis on risk to the public.