EU issues formal notice to 17 member states over money laundering directive

More than half of the EU's member states have failed to fully implement the bloc's 5th Anti-Money Laundering Directive onto their respective statute books, the European Commission (EC) confirmed today. The EC, the EU's executive arm, said 17 countries had missed the official deadline of 10 January 2020. The EC has sent letters of formal notice - equivalent to bringing legal proceedings - to Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia, Slovenia and Spain, all of whom Brussels says has yet to implement any of the Directive's elements. In addition, the EC said Austri...