Greece faces European Court over Second Directive failure

Greece has failed to legislate to implement the Second EU Money Laundering Directive; it has provided neither an explanation nor a promise of future action to the European Commission, thereby laying itself open to action at the European Court of Justice (ECJ). All other EU member states have now either written the legislation into their national laws or presented Brussels with a timetable for its passage. The Commission has promised to aggressively push Greece into compliance: “As long as there is even only one member state which has not transposed the Directive, there will be a chink in the European Union’s defence against the use of the financial system for money laundering, especially by those involved in terrorism and organised crime.”