EU May Take Action Against 15 States Slow to Implement Anti-Laundering Directive

By Matt Squire

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. Belgium, Czech Republic, Germany, Greece, Spain, Finland, France, Ireland, Luxembourg, Malta, the Netherlands, Poland, Portugal, Sweden and Slovakia will receive formal requests to take steps to implement the directive, the commission said Thursday. If the nations do not issue a "satisfactory reply" within two months, the commission could refer them to the European Court of Justice. The nations were required to implement the directive by Dec. 15, 2007. British...