LEGAL ACTION AGAINST EIGHT COUNTRIES FOR 5AMLD NON-COMPLIANCE
January 1st, 2020
The European Commission has launched infringement proceedings against eight countries over their failure to write the European Union’s (EU) fifth anti-money laundering directive (5AMLD) into national law by the January 10, 2020 deadline. The EU executive on February 12 sent letters of formal notice, the first stage in EU legal procedures, to Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia, Slovenia and Spain for not having notified any 5AMLD implementation measures. If these countries do not comply, they could face legal action at the European ...
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