EU to warn 15 members for money laundering legislation failure
The European Commission is to pursue infringement proceedings against 15 member states for their failure to integrate anti-money laundering legislation into national law, the Commission said Thursday.
The Commission will send letters of final warning to Belgium, the Czech Republic, Germany, Greece, Spain, Finland, France, Ireland, Luxembourg, Malta, the Netherlands, Poland, Portugal, Sweden and Slovakia. If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice.
The anti-money laundering legislation was adopted in 2005 and should have been implemented by Dec. 15, 2007. The legislation is applicable to the financial sector, lawyers, notaries, accountants, real estate agents, casinos, trusts and company service providers. Its scope also encompasses all providers of goods, when payments are made in cash in excess of €15,000 (about $23,400). (Xinhua)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.