POST Online Media Lite Edition



 

Austria, Belgium, Netherlands referred to European Court of Justice over money laundering

Christian Fernsby |
Austria, Belgium and the Netherlands have been referred to the European Court of Justice after they failed to fully implement EU-wide anti-money laundering rules.

Article continues below



Topics: AUSTRIA    BELGIUM    NETHERLANDS   

In a press statement, the European Commission said it had referred the three countries to the ECJ due to their incomplete transposition of the 4th Anti-Money Laundering Directive.

Austria is accused of failing to transpose sections related to betting and gambling legislation, Belgium is alleged to fall short when it comes to mechanisms under which financial intelligence units exchange information and documents and the Netherlands is charged with not applying rules related to providing information about the beneficial owners of corporate and other legal entities.

“We have robust EU rules in place but they must be applied consistently and efficiently. We will make sure that everyone in both private and public sectors applies the rules rigorously,” Commission executive vice-president Valdis Dombrovskis said.

Austria, Belgium and the Netherlands are the latest in a list of EU member states to have fallen foul of the European Commission in their implementation of the stringent anti-money laundering rules.


What to read next

EU comes with stronger rules to combat money laundering and terrorism financing
EU rules to tackle money laundering, tax avoidance enter into force
British Columbia launches probe into dirty money in real estate