The European Commission said in a press release that the new rules will strengthen the existing anti-money laundering requirements and improve the fight against money laundering and terrorism financing.
The Commission had set June 26, 2017 as deadline for member states to transpose the directive and saw that eight member states had not notified any transposition measures and the draft laws are still in their national legislative process.
If Romania and the other seven countries fail to bring their national legislation into line with European Union law within next two months, the cases might be referred to the Court of Justice of the European Union.