Friday, October 17, 2008

EU Member States Fail to Implement Anti-Money Laundering Laws

The EU member states of Belgium, Ireland, Spain, and Sweden have all been sent to the European Court of Justice by the commission over lack of implementation of anti-money laundering directives. As stated in this news article:

"The 2005 legislation tightens the EU anti-money laundering regime currently applicable to the financial sector as well as lawyers, notaries, accountants, real estate agents and casinos. The scope of the directive is broadened also to encompass trust and company service providers as well as all providers of goods, when payments are made in cash in excess of 15,000 euros."

The EU commission decreed that member states should have been in compliance by December of 2007.

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