The European Commission acted in its July 2020 infringement package against eight more Member States that have failed to implement the fourth money laundering directive.
In total 11 Member States now face anti-money laundering (AML) infringement procedures relating to the directive.
The directive should have been transposed by 26 June 2017 following a two-year implementation period.
The fact that this action is required is clear evidence (if it were needed) that Member States current approach and proposed plans to counter money laundering are both ineffective and futile.
The Commission continues to apply a rules- and not a risk-based approach to self-evident issues.
Infringement procedures brought by the Commission have three stages ranging from a ‘letter before action’ (formal notice), pre-action proceedings (reasoned opinion) eventually leading to proceedings before the Court of Justice of the European Union (CJEU).