EU Criticizes Slovenia for Lack of Action on Money-Laundering

By , 13 Feb 2020, 11:02 AM Business
EU Criticizes Slovenia for Lack of Action on Money-Laundering peakpx.com CC-by-0

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STA, 12 February 2020 - The European Commission has issued a letter of formal notice to Slovenia and seven other member states for failing to transpose the 5th anti-money laundering directive. Anti-money laundering rules are "instrumental in the fight against money laundering and terrorism financing," the Commission said on Wednesday.

It added that recent money laundering scandals had revealed the need for stricter rules at EU level and that legislative gaps in one member state had an impact on the EU as a whole.

EU member states were obligated to transpose the directive by 10 January, however, Slovenia, as well as Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia and Spain, failed to do so.

Unless the countries fail to provide a satisfactory response to the Commission within 2 months, the Commission will send them reasoned opinions, after which they get another two months to act or else face the European Court of Justice.

In December, Slovenia's National Assembly passed changes to the act on anti-money laundering and terrorism financing, transposing into Slovenian legislation the 4th anti-money laundering directive adopted by the Commission in 2016.

The Finance Ministry meanwhile said that it had stepped up efforts to draft the needed legislation after receiving the formal notice. The ministry expects the draft changes to be filed in government procedure shortly.

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