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EU: Commission calls on Member States to complete transposition of fifth Anti-Money Laundering Directive

The European Commission announced, on 9 June 2021, that it had sent reasoned opinions to Hungary, the Netherlands, and Poland for failing to transpose the Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing ('the fifth Anti-Money Laundering Directive') into national law. In particular, the Commission noted that the changes introduced by the fifth Anti-Money Laundering Directive are important for the added transparency and rules aimed at ensuring the integrity of the EU's financial system.

Additionally, the Commission outlined that all Member States had to implement the rules of the 5th Anti-Money Laundering Directive by 10 January 2020. As a result, the Commission stated that it may decide to refer the cases to the Court of Justice of the European Union if Hungary, the Netherlands, and Poland fail to bring their national legislation into line with EU law within the next two months.

You can read the press release here.