EC threatens states over money laundering measures
(BRUSSELS) - The European Commission has threatened 15 member states with legal action for failing to implement an EU directive on money laundering as part of anti-terror measures.
Internal Market Commissioner Charlie McCreevy has written to the countries concerned -- Austria, Belgium, Czech Republic, France, Germany, Greece, Ireland, Latvia, Luxembourg, Malta, the Netherlands, Poland, Slovakia, Spain and Sweden -- a spokesman said.
In the letter, McCreevy said the countries had failed to respect a December 15, 2007 deadline for bringing their legislation into line with the third EU directive on money-laundering, adopted in 2005.
That directive was introduced to specifically target terrorist networks' sources of finance, and emphasised the obligation on financial bodies to report suspicious financial activity.
The Commissioner reminded the member states that "the fight against money-laundering and the financing of terrorism is a European priority" and that the adoption of the directive must also be a priority.
He said the Commission had no other choice but to take legal action against countries which have not implemented the directive "and to do so in the most timely fashion possible."
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