EU takes legal action against 15 states regarding money-laundering legislation

The European Commission has recently announced that it is stepping up legal proceedings against 15 member states as they have failed to implement the 3rd money-laundering directive into their national legislation.

According to the commission, the member states that failed to implement the rules into their national laws by December 2007 are as follows:

  • Belgium,

  • Czech Republic,

  • Germany,

  • Greece,

  • Spain,

  • Finland,

  • France,

  • Ireland,

  • Luxembourg,

  • Malta,

  • the Netherlands,

  • Poland,

  • Portugal,

  • Sweden,

  • Slovakia.

The 3rd money-laundering directive involves the financial sector as well as lawyers, accountants, notaries, real estate agents, trusts, casinos and company service providers. The directive states that they must verify customer identity and report suspicious transactions.

The request is a reasoned opinion, however, if there is no satisfactory reply within 2 months, the European Commission may refer this matter to the European Court of Justice.

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