Fifteen European Union member states aren't scrambling to comply with European Commission efforts pressuring them to hasten adoption of anti-money laundering rules, said compliance professionals. Last week, EU Internal Market Commissioner Charlie McCreevy sent 15 countries letters threatening "expeditious legal action" if they didn't transpose the EU's Third Money Laundering Directive into law after missing a December 2007 deadline. The countries –Austria, Belgium, Czech Republic, France, Germany, Greece, Ireland, Latvia, Luxembourg, Malta, Netherlands, Poland, Slovakia, Spain, Sweden– have not yet responded to the letters, which are the first step before formal legal proceedings that could result in monetary or other...
The European Union's commissioners asked lawmakers Wednesday to consider broadening the scope of Europe's anti-money laundering directive, lowering beneficial ownership thresholds and strengthening controls on accounts held for political figures.
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.
A measure that standardizes rules for electronic payment services across the European Union will boost competition among money services businesses, banks and other financial institutions, MSB professionals say.