The European Commission has decided to refer Belgium, Ireland, Spain and Sweden to the European Court of Justice over non-implementation of an anti money laundering directive.
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.
In addition, the directive requires the application of the anti money laundering tools to the fight against terrorist financing.
European Union member states are required to transpose the legislation by Dec. 15, 2007.
Source: Xinhua
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