Brussels opens case for lack of money-laundering laws
In addition to Portugal, Italy and Latvia have also received letters of formal notice for incorrect transposition of Directive (EU) 2018/843.
The European Commission on Wednesday requested Portugal to correctly transpose the fifth Anti-Money Laundering Directive into domestic law , opening infringement proceedings against Lisbon, which has two months to reply to Brussels.
By sending a letter of formal notice, the EU executive is questioning Portugal on the non-compliance of the transposition of European law into domestic law, in particular the obligation to ensure adequate access by the Financial Intelligence Unit to information relating to the fight against money laundering.
Brussels said that anti-money laundering rules are fundamental to the fight against crime and terrorist financing and that shortcomings in one member state affect the entire European Union.
In addition to Portugal, Italy and Latvia have also received letters of formal notice for incorrect transposition of Directive (EU) 2018/843.
