Brussels gives Portugal two months to transpose anti-money laundering directive

By TPN/Lusa, in News, Business, Economy, Crime · 20-02-2021 10:00:00 · 1 Comments

The European Commission has opened infringement proceedings against Portugal for incorrectly transposing EU anti-money laundering rules into national law, giving Lisbon two months to respond.

The European Commission sent letters of formal notice - the first stage of an infringement procedure - to Portugal, Germany and Romania for incorrect transposition of the 4th Anti-Money Laundering Directive (AMLD4).

According to a statement, the transposition deadline for AMLD4 expired on 27 June 2017 and, following an assessment of the transposition measures notified by Portugal and the other two targeted countries, Brussels has concluded that several provisions of the directive have not been correctly transposed into national law.

The Member States concerned must address key aspects of the anti-money laundering framework, such as the proper exchange of information between Financial Intelligence Units (FIUs), customer due diligence requirements and adequate cooperation between FIUs, or the transparency of central registers of beneficial ownership.

Germany, Portugal and Romania have two months to provide a satisfactory response to the arguments put forward by the Commission, otherwise the Commission will decide to move to the second stage of the infringement procedure, with the sending of a reasoned opinion.

The fight against money laundering and terrorist financing is key to ensuring financial stability and security in Europe, the European Commission stresses.



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Comments:

Dear Portugal

Firstly let me say congratulations on a wonderful country.

We love Portugal, The Portuguese people,The food, the life and atmosphere in your country and have had many happy holidays there over the years.

We usually stay around the Albufeira area and have stayed in the hotels there on several occasions, It feels like a second home.

I am writing this because we feel that we can no longer come to Portugal or any EU country this is nothing to do with the current pandemic the world is suffering but due to the behaviour of the EU (not Portugal or the Portuguese people in any way).

We know we would be made to feel more than welcome in your country but whilst the EU continue to take their dictatorial stance against the UK and indeed those countries still within the EU we feel that we do not wish to contribute any money (some of which does end up in the hands of the EU dictators) to help them prosper so we no longer buy produce from the EU block or holiday there.

We understand that it will have, albeit an insignificant effect or impact on yourselves and indeed the EU, We feel it is a stance we have to make.

Please let me wish Portugal and your people all the best for the future in dealing with the pandemic and indeed dealing with the EU.

God Bless you all

Always your friend

Brian Kendal

By Brian Kendal from UK on 04-05-2021 02:14
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