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EU to send warning to 15 members for money laundering legislation failure
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09:26, June 06, 2008

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The European Commission is to pursue infringement proceedings against 15 member states for their failure to integrate anti-money laundering legislation into national law, the Commission said Thursday.

The Commission will send letters of final warning to Belgium, the Czech Republic, Germany, Greece, Spain, Finland, France, Ireland, Luxembourg, Malta, the Netherlands, Poland, Portugal, Sweden and Slovakia.

If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice.

The anti-money laundering legislation was adopted in 2005 and should have been implemented by Dec. 15, 2007.

The legislation is applicable to the financial sector, lawyers, notaries, accountants, real estate agents, casinos, trusts and company service providers. Its scope also encompasses all providers of goods, when payments are made in cash in excess of 15,000 euros (23,400 U.S. dollars).


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