EU targets 15 states over moneylaundering rules

The warnings were sent to Belgium, the Czech Republic, Germany, Greece, Spain, Finland, France, Ireland, Luxembourg, Malta, the Netherlands, Poland, Portugal, Sweden and Slovakia.

EU targets 15 states over moneylaundering rules
Fifteen European Union states including financial centres Germany and France have been given a final warning for failing to update their rules aimed at choking off finance for terrorist activities, the bloc's executive said.

"If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice," the European Commission said in a statement on Thursday.

EU countries were obliged to introduce an updated version of the bloc's anti-moneylaundering rules by December last year.

The warnings were sent to Belgium, the Czech Republic, Germany, Greece, Spain, Finland, France, Ireland, Luxembourg, Malta, the Netherlands, Poland, Portugal, Sweden and Slovakia.

The rules apply to the financial sector, lawyers, notaries, accountants, real estate agents, casinos, trusts and company service providers.

The scope also extends to all providers of goods when payments are made in cash over 15,000 euros ($23,140).

Under the rules, a company would have to identify and verify who they are dealing with, report suspicions of moneylaundering or terrorist financing to the public authorities, and ensure personnel are properly trained.

Reuters

Güncelleme Tarihi: 05 Haziran 2008, 15:51
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