Belgium convicted for tardiness with EU legislation

7th October 2009, Comments 0 comments

The European Court on Tuesday convicted Belgium for failing to implement European legislation regarding money laundering and terrorism funding into its own legislation.

The European directive is four years old and Belgium had until 2007 to make the changes.

The EU directive obliges lawyers, solicitors, accountants, real estate agents, casinos, trusts, the providers of corporate services and traders to establish the identity of the beneficiary in the event of financial transactions in excess of EUR 15,000. Suspicions about money laundering or the funding of terrorism must also be reported.

Belgium failed to legislate and the European Commission took the matter to the European Court last year.

The Court ruled in the Commission's favour.

In 2008 alone Belgium was convicted seven times for similar offences.

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