Five of the 15 European Union countries chastised by the EU Commission for not adopting anti-money laundering directives quickly enough could have those issues resolved by the end of the year, according to published reports and analysts. Three countries â€“ Luxembourg, Malta and the Netherlands â€“ passed the EU's Third Money Laundering Directive into law in the past month, a response to "warning letters" sent in July threatening legal action from the EU Commission or sanctions from the European Court of Justice. France and Ireland are expected to follow suit by December with the remainder of countries likely to put...
The European Union High Court Wednesday struck down an EU decision to follow United Nations orders freezing the assets of a Saudi businessman and a charity based in Sweden suspected of funneling funds to terrorist groups.
Fifteen of the 27 European Union member states face further legal proceedings by the European Commission for their failure to implement the EU's Third Anti-Money Laundering Directive into their national laws.
France's highest court has overturned a law requiring lawyers to report the suspicious activities of their clients related to money laundering, a provision of the European Union's Second Money Laundering directive, which France adopted by decree in 2006.
As the deadline nears for the 25 member countries of the European Union to implement the provisions of the EU Third Money Laundering Directive, U.S. bankers have become aware that it's tougher in some provisions than the USA Patriot Act and other U.S. banking regulations.