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Internal Market

PR(08)71: Norway and Liechtenstein fail to fully implement a new anti-money laundering directive

27.11.2008

The EFTA Surveillance Authority has decided to send reasoned opinions to Norway and Liechtenstein for failure to fully implement the Third Anti-Money Laundering Directive[1].

The Third Anti-Money Laundering Directive builds on existing EEA legislation and incorporates into EEA law the June 2003 revision of the Forty Recommendations of the Financial Action Task Force (FATF), the international standard-setter in the fight against money laundering and terrorist financing.

The Directive is applicable to the financial sector as well as lawyers, notaries, accountants, real estate agents, casinos, trusts and company service providers. Its scope also encompasses all providers of goods, when payments are made in cash in excess of €15.000.

Those subject to the Directive need to:

-        identify and verify the identity of their customer and of its beneficial owner, and to monitor their business relationship with the customer;

-        report suspicions of money laundering or terrorist financing to the public authorities - usually, the national financial intelligence unit; and

-        take supporting measures, such as ensuring proper training of personnel and the establishment of appropriate internal preventive policies and procedures.

The Directive introduces additional requirements and safeguards for situations of higher risk (e.g. trading with correspondent banks situated outside the EEA).

The states should have implemented the Directive in full by 15 December 2007.

The purpose of the Authority’s reasoned opinions is to give Norway and Liechtenstein a last chance to take corrective measures before the Authority decides whether to bring the matter before the EFTA Court. Norway and Liechtenstein have been given three months to take the measures necessary to comply with the reasoned opinion.

For further information, please contact:

 

Mr. Eirik Ihlen
Officer, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 78



[1]Directive 2005/60/EC




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