Czech Republic gets final warning from Brussels to implement moneylaundering laws

The Czech Republic is one of fifteen EU member states to have been given a final warning for failing to update its rules aimed at blocking off finance for terrorist activities. The country may be referred to the European Court of Justice should it fail to change its legislation on the issue within the next two months, a European Commission spokesperson said. EU countries were obliged to introduce an updated version of the bloc’s anti-moneylaundering rules by December last year. The rules apply to the financial sector, lawyers, notaries, accountants, real estate agents, casinos, trusts and company service providers. Under the rules, Czech companies will have to identify and verify who they are dealing with, report suspicions of moneylaundering and ensure personnel are properly trained.