Luxembourg newsflash: combating money laundering/terrorism financing - .PDF file.
Financial institutions acting on the basis of the freedom to provide services (FPS) may be obliged to co-operate with the financial intelligence unit of the host member state according to the Court of Justice of the European Union (CJEU).
In a recent judgment (Case C-212/11 Jyske Bank Gibraltar Ltd), the CJEU ruled that EU law does not preclude host member state legislation from imposing on financial institutions operating in this member state on an FPS basis (without being established there) the obligation to co-operate directly with the host member state authorities on ML/TF matters relating to its operations in such state…
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