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Anti-Money Laundering: Commission urges GERMANY, PORTUGAL and ROMANIA to correctly transpose the 4thAnti-Money Laundering Directive

The Commission has today sent letters of formal notice to Germany, Portugal and Romania for incorrectly transposing the 4th Anti-Money Laundering Directive (AMLD4). The transposition deadline for AMLD4 was 27 June 2017.

 

Following an assessment of the notified transposition measures by these Member States, the Commission has concluded that several provisions of the Directive have not been correctly transposed into national law. The fight against money laundering and terrorist financing is key to ensuring financial stability and security in Europe.

 

In order to step up these efforts the Commission published a six-point Action Plan on 7 May, to further strengthen the EU's fight against money laundering and terrorist financing. Nevertheless, in recent times, money laundering scandals have revealed the need for stricter rules at EU level.

 

Legislative gaps occurring in one Member State have an impact on the EU as a whole. That is why EU rules should be implemented and supervised efficiently in order to combat crime and protect our financial system. In this respect, the Commission decided today that the concerned Member States need to address fundamental aspects of the anti-money laundering framework, such as the proper exchange of information with Financial Intelligence Units (FIUs), requirements of customer due diligence and adequate cooperation between FIUs, or the transparency of the central beneficial ownership registers. Germany, Portugal and Romania have two months to reply with a satisfactory reply to the arguments raised by the Commission. Otherwise, the Commission may decide to address a reasoned opinion.

 

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