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...
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.
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.
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.