EU Refers Four Countries to Court for Failure to Implement AML Directive

By Brian Monroe

The European Union Commission Thursday referred four countries, Belgium, Ireland, Sweden, and Spain, to an EU court for failing to meet a December deadline to implement stronger anti-money laundering regulations. The four countries are the last of a dozen that had received warning letters from the EU Commission in July, demanding that they transpose the EU's Third Money Laundering Directive into law or face "expeditious" legal action, according to EU Internal Market Commissioner Charlie McCreevy. The referral of the countries to the EU Court of Justice opens the way for potential fines and sanctions, and is a doubling of EU...