European Commission sues Austria, Belgium and the Netherlands over anti-money laundering

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The European Commission has today referred Austria, Belgium and the Netherlands to the Court of Justice of the European Union, with a request for financial sanctions, for failing to fully implement the 4th Anti-Money Laundering Directive into their national law, ec.europa.eu reports.

Following an assessment of the notified measures by these Member States, the Commission has concluded AMLD4 has not been fully transposed into national law.

The incomplete transposition concerns fundamental aspects of the anti-money laundering framework, such as betting and gambling legislation (Austria), mechanisms under which the Financial Intelligence Units exchange documents and information (Belgium), and the information to be provided on the beneficial ownership of corporate and other legal entities (Netherlands).

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