18/02/2021 (Agence Europe) – On Thursday 18 February, the European Commission sent letters of formal notice to Germany, Portugal, and Romania for incorrect transposition of the fourth Anti-Money Laundering Directive (2015/849). It considers that these Member States need to review fundamental aspects of the anti-money laundering framework, such as the appropriate exchange of information between Financial Intelligence Units (FIUs), customer due diligence requirements, requirements for adequate cooperation between FIUs, as well as the transparency of central registers of beneficial ownership. “In recent times, 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”, reiterates the Commission. The three countries now have two months to provide an explanation. (MF)