EU THREATENS LEGAL ACTION AGAINST ITALY, LATVIA AND PORTUGAL OVER AML LAWS
April 23rd, 2023
The European Commission has opened infringement procedure against Italy, Latvia and Portugal over failings in the way their national legislation applies the European Union’s (EU) 5th anti-money laundering directive (5AMLD). This is despite the fact EU member states should have written the law into their national statute books by January 2020. The Commission said this April 19 (2023) it was sending letters of formal notice asking the three to transpose the 5AMLD correctly. The Commission said the “fundamental” shortcomings include that Italy and Latvia lack ...
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