Letters of formal notice – European Commission urges 8 Member States, including Romania, to transpose the 5th Anti-Money Laundering Directive

13 februarie 2020

The Commission has sent letters of formal notice to Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia, Slovenia and Spain for not having notified any implementation measures for the 5th Anti-Money Laundering Directive (5th AML), accordint to a press release.

Anti-money laundering rules are instrumental in the fight against money laundering and terrorism financing. Recent money laundering scandals have revealed the need for stricter rules at EU level.

„Legislative gaps occurring in one Member State have an impact on the EU as a whole. That is why EU rules should be implemented and supervised efficiently in order to combat crime and protect our financial system.”, Commission said.

All Member States had to implement the rules of the 5th Anti-Money Laundering Directive by 10 January 2020. The Commission regrets that the Member States in question have failed to transpose the Directive in a timely manner and encourages them all to do so urgently, bearing in mind the importance of these rules for the EU’s collective interest.

Without a satisfactory response from Member States within 2 months, the Commission may decide to send them reasoned opinions.

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Jan Schildbach – Analyst Deutsche Bank

„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?