Last week the European Commission sent a reasoned opinion to Cyprus for failing to implement the 5th Anti-Money Laundering Directive (AMLD5) into national and local legislation.
The implementation deadline for the directive has been well missed by Cypriot authorities (being the 10th of January, 2020) and currently have not notified the Commission of any implementation measure.
The Commission said the fight against money laundering and terrorism financing was imperative to ensure financial robustness and security in Europe. “Legal gaps in one member state have an impact on the EU as a whole.” a statement said.
Without a satisfactory response from Cyprus by the end of the financial year, the Commission may refer the case to the CJEU (the Court of Justice of the European Union) along with other members states who have also failed a timely transposition.