Romania, Bulgaria Expected to Miss Deadline for Meeting New EU AML Standards

By Brian Monroe

Romania and Bulgaria, the two newest members of the European Union, are among a number of EU nations that are unlikely to adopt sweeping new anti-money laundering measures by a December 15 deadline, according to public officials and AML professionals. With the deadline for meeting the strict AML provisions of the EU's Third Money Laundering Directive days away, Romania is considering laws that would weaken the ability of its prosecutors to convict money launderers and terrorists, a U.S. official said last month. The European Commission adopted the directive in 2005 to raise the AML and anti-terrorism standards of member countries...