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The European Commission opened an infringement procedure against Portugal for the incorrect transposition into European legislation of the European rules on the fight against money laundering, leaving Lisbon two months to respond.
The European Commission sent notification letters, the first phase of an infringement process, to Portugal, Germany and Romania, this Thursday, for the incorrect transposition of the 4th Directive against money laundering (AMLD4).
According to a statement, the deadline for transposition of AMLD4 ended on June 27, 2017 and, following an assessment of the transposition measures notified by Portugal and the other two affected countries, Brussels concluded that several provisions of the directive they have not been correctly transposed into national legislation. law.
Affected Member States should address key aspects of the anti-money laundering framework, such as the proper exchange of information between Financial Intelligence Units (FIUs), due diligence requirements by clients, and appropriate cooperation between the FIU, or the transparency of beneficial ownership records.
Germany, Portugal and Romania have two months to present a satisfactory answer to the Commission’s arguments, otherwise the Commission may decide to proceed to the second phase of the infringement procedure, with the presentation of a reasoned opinion.
The fight against money laundering and terrorist financing are essential to guarantee financial stability and security in Europe, underlines the European Commission.
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