Anti-Money Laundering: EU Commission calls on Latvia, Malta and Spain to completely transpose the 4th Anti-Money Laundering Directive
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Eu Commission: Thursday, the EU Commission has sent reasoned opinions to Latvia and Spain, and an additional reasoned opinion to Malta for failing to implement the 4th Anti-Money Laundering Directive into national law.
Spain has so far only partially transposed the rules, and the Commission has found the transposition in Latvia and Malta incomplete.
The anti-money laundering rules are crucial in the fight against money laundering and terrorism financing. The Panama Papers and other scandals have revealed the need for stricter anti-money laundering rules. Gaps in one Member State have an impact on all others. This is why the effective fight against money laundering is one of the central points of the EU’s approach to combating crime in Europe.
All Member States had to implement the rules of the 4th Anti-Money Laundering Directive by 26 June 2017. There are currently infringement procedures ongoing against 20 Member States: 3 at the stage of court referrals, 9 at the stage of reasoned opinions, and 8 at the stage of letters of formal notice (see 8 previous reasoned opinions sent in December 2017, an additional 2 in March 2018).
In the meantime, a majority of Member States have adopted the relevant laws. The Commission is now carefully checking whether these laws completely implement the provisions of the 4th Anti-Money Laundering Directive. In the meantime, the 5th Anti-Money laundering directive has been agreed and entered into force on 9 July 2018. Member States will have to implement these new rules into their national legislation by 10 January 2020.
If Malta, Latvia and Spain fail to bring their national legislation into line with EU law within the next two months, the Commission may decide to refer the cases to the Court of Justice of the EU.
