31 Jan 2019
The European Commission has written to authorities in Germany and France, as well as eight other countries, for failing to completely transpose the EU Fourth Anti-Money Laundering Directive (4AMLD) into national law.
The directive introduces key changes in the fight against money laundering, such as implementing central registers of beneficial ownership, centralised bank registers and broadening the definition of politically exposed persons (PEPs) to include domestic individuals.
An EC spokesman declined to comment on which specific aspects of the key law the countries failed to transpose because of ‘ongoing infringement proceedings.’
“Despite these Member States having declared their transposition to be complete, the Commission concluded after assessing the notified measures that some provisions are missing,” the EC said in a statement.
“Transposing the rules timely and correctly is crucial for an effective fight against money laundering and terrorism financing, as several recent money laundering scandals in the EU have shown. Gaps in one Member State can have an impact on all others.”
The directive was adopted in 2015; all member states had to transpose its rules by 26 June 2017.
KYC360 contacted both the German and French ministry of finance departments for a comment, but neither responded by press time.
– Irene Madongo
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