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Country
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How was the Directive 2005/60/EC of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the “Third Directive”) implemented?
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Date implemented
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Austria
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The third EU Money Laundering Directive was implemented, inter alia, by incorporation into the Lawyers’ Code [Rechtsanwaltsordnung(RAO)] by Federal Law Gazette I No. 111/2007 (BGBl I Nr. 111/2007 and into the provisions of the Banking Act [Bankwesengesetz] by Federal Law Gazette I No 108/2007 (BGBl I Nr. 108/2007.
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29 December 2007
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Belgium
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The Third Directive was implemented in Belgium by virtue of the Statue of 18 January 2010 modifying the Law of 11 January 1993 on Prevention of the Use of the Financial System for the Purpose of Money Laundering and Terrorism Financing and by introducing changes to the Company Act.
The Belgian Law of 18 January 2010 was published in the Government Gazette of January 26, 2010 and entered into force on February 5, 2010.
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5 February 2010
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Bulgaria
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The Measures Against Money Laundering Act was amended on 13 November 2007 to bring it in line with the Third Directive and Directive 2006/70/EC (regarding the definition of ”politically exposed person” and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis).
Categories of persons and legal entities obligated to apply preventive anti-money laundering measures has been extended to include:
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Legal entities dealing with health-security (companies which provide health insurance services), and
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Persons and legal entities whose activities involve the trade of goods through cash payments whereby the price of the deal exceeds 30,000 BGL (approx. 15,000 EUR).
The Law has adopted the risk-based approach to money laundering.
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13 November 2007
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Cyprus
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The Third Directive was implemented through enactment of the Prevention and Suppression of Money Laundering Activities Law of 2007 (N. 188(I)/2007)
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1 January 2008
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Czech Republic
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The Third Directive was implemented by Act no. 253/2008 Coll., “On Certain Measures Against Money Laundering and Financing of Terrorism”, which became effective as of 1 September 2008.
This Act includes, among others things, the obligation to identify customers (for transactions of EUR 1000 or more), customer due diligence (as it is defined in the Third Directive), identification of beneficial owners and enhanced due diligence for politically exposed persons (as it is defined in the Third Directive).
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1 Sept 2008
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Denmark
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The Third Directive was implemented in Denmark by the new Act on Measures to Prevent Money Laundering and Terrorist Financing (MLA), on 27 February 2006 and came into effect on March 1, 2006. The MLA was later amended. The rules in force can be found in the Danish Act No. 806 of 6 August 2009 with later amendments by Act No. 579 of 1 June 2010 and Act No. 1553 and Act No. 1556 both of 21 December 2010.
The new MLA, inter alia, addresses areas such as beneficial ownership and enhanced and simplified CDD and introduces elements of a risk-based approach.
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1 March 2006
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Estonia
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On 19 December 2007, the Money Laundering and Terrorist Financing Prevention Act 2007 implemented the Third EU Money Laundering Directive.
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19 December 2007
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Finland
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The Third Directive has been implemented by the Act on Preventing and Clearing Money Laundering and Funding of Terrorism (503/2008) was issued on 18 June 2008 and came into force on 1 August 2008. This Act transposes the Third Directive into national law.
Article 6 of the Third Directive was intentionally omitted as the keeping of anonymous accounts is already prohibited by Article 135 of the Act on Credit Institutions.
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1 August 2008
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France
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The 3rd EU AML directive has been implemented by the Ordinance No. 2009-104 of 30 January 2009. Decree No. 2009-874 of 16 July 2009 and the Decree No. 2009-1087 of 2 September 2009 have been enacted in order to make the 3rd EU Directive effective.
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30 January 2009
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Germany
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Germany successfully implemented the Third EU Money Laundering Directive on 13 August 2008 through the AmendingMoney Laundering and Terrorism Financing PreventionLaw[Gesetz zur Ergänzung der Bekämpfung der Geldwäsche und der Terrorismusfinanzierung (GwBekErgG)].
The Act came into force on 21 August 2008 and was duly published in the BGBI I Nr. 37 (20 August 2008).
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21 August 2008
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Greece
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As of 5 August 2008, Law No. 3691 successfully implemented the Third EU Money Laundering Directive. The Law No. 3691 was published the Official Government Gazette (Issue 1, No. 186).
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5 August 2008
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Hungary
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The Third Directive was implemented in Hungary on 17 December 2007 by the new Act CXXXVI of 2007 on the Prevention of Money Laundering and Terrorist Financing (“AMLA”). The AMLA has also transposed the Directive 2006/70/EC regarding the definition of “politically exposed person” and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of financial activity conducted on an occasional or very limited basis, and the Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 regarding transfers of funds.
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17 December 2007
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Ireland
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The EU AML Third Directive was implemented by the enactment of the Criminal Justice (Money Laundering and Terrorist Financing) Act of 2010.
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15 July 2010
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Italy
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The Third Directive was implemented by the Legislative Decree No. 231 of November 21, 2007 on the Implementation of the Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing as well as of the Directive 2006/70/EC providing for the executive measures.
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14 December 2007
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Latvia
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The Third Directive was implemented through the new law on the Prevention of Money Laundering and Terrorist Financing
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13 August 2008
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Lithuania
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The Third Directive was fully implemented in Lithuania by the Law on the Prevention of Money Laundering and Terrorist Financing, which entered into force on 17 January 2008.
The new law enhances the procedures for client identification and verification and increases the list of institutions that are responsible for the prevention of money laundering and terrorist financing, extending the competence of those institutions.
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24 January 2008
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Luxembourg
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The third EU money laundering directive was transposed in Luxembourg by the law of 17 July 2008 implementing the directives 2005/60/CE and 2006/70/CE (Loi du 17 Juillet 2008 portant transposition de la directive 2005/60/CE du Parlement européen et du Conseil du 26 octobre 2005 relative à la prévention de l’utilisation du système financier aux fins du blanchiment de capitaux et du financement du terrorisme).
The New Law was published in the Memorial A n° 106 of 23 July 2008 and has entered into force three days later (on 26 July 2008).
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26 July 2008
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Malta
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The Third Directive was implemented through the new Law on the Prevention of Money Laundering and Funding of Terrorism Regulations 2008.
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31 July 2008
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Poland
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The Third EU Money Laundering Directive has been successfully incorporated into the Polish legal system through theAML/CFT Act [ustawa z dnia 16 listopada 2000 r. o przeciwdzialaniu wprowadzaniu do obrotu finansowego wartosci majatkowych pochodzacych z nielegalnych lub nieujawnionych zródel] amended in 2009.
This was reported in the Journal of Laws of 2009, no.166 item 1317 (22October 2009)
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22 October 2009
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Portugal
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On 5 June 2008, Law nº. 25/2008 which fully implements the Third Directive was enacted and published in the Official Gazette. The Law has been in full force since 10 June 2008
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10 June 2008
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Romania
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The Third EU Directive was fully implemented by the Governmental Emergency Ordinance no. 53/2008, published in the Official Monitor no. 333/30.04.2008) and the Government Decision no. 594/2008, published in the Official Monitor no. 444/13.06.2008.
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30 April 2008
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Slovakia
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Act No. 297/2008 Coll. on Protection against Money Laundering and on Protection against Terrorist Financing and on Amendments and Supplements of Certain Acts [297 Zákon z 2. júla 2008, o ochrane pred legalizáciou príjmov z trestnej cinnosti a o ochrane pred financovaním terorizmu a o zmene a doplnení niektorých zákonov] (the “AML Act”), implementing the Third Directive became effective as of 1 September 2008.
In line with the Third Directive, the AML Act imposes on the subjects covered thereby (including advocates and notaries public in certain cases) a number of obligations including inter alia the obligation to identify and verify the identity of customers and beneficial owners, where applicable, to perform customer due diligence (or simplified/enhanced customer due diligence as the case may be), as well as the obligations concerning suspicious transactions and record keeping. In respect of the advocates and notaries public, the AML Act also provides for certain exceptions to the reporting and disclosure obligations imposed thereby.
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1 September 2008
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Slovenia
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The Republic of Slovenia fully implemented the Third Directive through the Law on the Prevention on Money Laundering and Terrorist Financing [Zakon o preprecevanju pranja denarja in financiranja terorizma (ZPPDFT)], Official Gazette of the Republic of Slovenia No. 60/07 of 2 July 2007). Some provisions of the new law came into force on 21 July 2007, while the Law as a whole came into force on 21 January 2008.
The law will be complemented by twelve executive regulations (primarily dealing with gathering data and client treatment). Eight of these regulations were mandatory and have been in force since the end of January 2008. The other four are optional and are currently being prepared by the Ministry of Finance.
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21 January 2008
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Spain
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The third directive was implemented by the enactment of the new Law Act 10/2010 on the Prevention of Money Laundering and Financing of Terrorism [Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo], passed unanimously by the Parliament of Spain on 28 April 2010.
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28 April 2010
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Sweden
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The Third Directive was implemented in Sweden by the Act 2009:63 on the Measures to Prevent Money Laundering and Terrorist Financing[Lag (2009:62) om åtgärder mot penningtvätt och finansiering av terrorism]
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15 March 2009
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The Netherlands
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The Third Directive was transposed into national law on 1 August 2008 when the Act on the Prevention of Money Laundering and Financing of Terrorism [Wet ter voorkoming van Witwassen en Financieren van Terrorisme, (WWFT)] entered into force.
As a result, the former Financial Services Identification Act [Wet identificatie bij financiële dienstverlening (WID)] and the Disclosure of Unusual Transactions Act [Wet melding ongebruikelijke transacties (MOT)], were combined.
In addition, an implementation decree [Uitvoeringsbesluit Wet ter voorkoming van Witwassen en Financieren vam Terrorisme] and an implementation regulation[Uitvoeringsbesluit Wet ter voorkoming van Witwassen en Financieren van Terrorisme] were implemented on 15 and 23 August 2008 respectively, defining the scope of the new anti-money laundering provisions, identifying (i.a.) reporting indicators, and indicating which documents can be used for client identification purposes.
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1 August 2008
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United Kingdom
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The Third Directive was implemented by the Money Laundering Regulations 2007, which entered into force on 15 December 2007.
Additionally, the Government has published an anti-money laundering and counter-terrorist financing strategy document that sets out how the challenges will be met over the next five years. It builds on the previous anti-money laundering strategy document, which was published by Treasury Ministers in October 2004.
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15 December 2007
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