July 19 (SeeNews) - The European Commission (EC) said on Thursday it referred Romania and Greece to the Court of Justice of the EU for failing to implement the 4th Anti-Money Laundering Directive into their national law.
The member states had until June 26, 2017 to transpose the 4th Anti-Money Laundering Directive into their national legislation, the Commission said in a press release..
"Money laundering and terrorist financing affect the EU as a whole. We cannot afford to let any EU country be the weakest link. Money laundered in one country can and often will support crime in another country. This is why we require that all Member States take the necessary steps to fight money laundering, and thereby also dry up criminal and terrorist funds. We will continue to follow implementation of these EU rules by Member States very closely and as a matter of priority," justice commissioner Vera Jourova said.
The directive reinforces previously existing rules by strengthening risk assessment obligation for banks, lawyers, and accountants, setting clear transparency requirements about beneficial ownership for companies and by facilitating cooperation and exchange of information between financial iIntelligence units from different member states to identify and follow suspicious transfers of money and to prevent and detect money laundering or terrorist financing.
Also, it establishes a coherent policy towards non-EU countries that have deficient anti-money laundering and counter-terrorist financing rules and reinforces the sanctioning powers of competent authorities, the Commission said.