European Commission targets Spain over anti-money laundering rule delays

The European Commission has opened infringement proceedings against Spain and 17 other member states for failing to fully transpose new EU anti-money laundering rules into national law. The delay concerns the sixth European directive, which aims to strengthen the prevention of money laundering and terrorist financing by improving access to information regarding the beneficial ownership of companies and other entities.

Member states were required to incorporate these provisions by July 10. The Commission has issued a formal letter of summons, granting Spanish authorities two months to complete the transposition and communicate the measures taken. Failure to provide a satisfactory response may lead to the next phase of the procedure, involving a reasoned opinion before potential legal action.