22:58 2 July 2020
Post by: WBJ

EC sues Austria, Belgium and Netherlands on anti-money laundering

The European Commission sued Austria, Belgium and the Netherlands on Thursday to the Court of Justice of the EU in connection with the incomplete implementation of EU anti-money laundering regulations, while applying for financial penalties for these countries.

"Although we have adopted solid EU rules, they must also be applied in a consistent and effective manner. We will ensure that all actors in both the private and public sectors strictly adhere to these rules. Therefore, we have initiated a number of infringement proceedings to ensure full the transposition and application of existing rules," Valdis Dombrovskis, Commission Vice-President, said.

The Commission has come to the conclusion that three aforementioned countries have not fully implemented the Fourth Anti-Money Laundering Directive into national law. This applies to, among others, betting and gambling regulations (in the case of Austria), mechanisms for the exchange of documents and information by financial intelligence units (in the case of Belgium) and information to be provided on the actual ownership of enterprises and other legal entities (in the case of the Netherlands).


anti-money laundering

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