Source: All England Reporter
Publisher Citation: [2016] All ER (D) 115 (Mar)
Court: Court of Justice of the European Union (Fifth Chamber)
Judge:

Judges von Danwitz (President of the Fourth Chamber, acting as President of the Fifth Chamber), Svaby, Rosas (Rapporteur), Juhasz and Vajda

Judgment Dates: 10 March 2016

Catchwords

European Union - Directives - Direct application in member states - Directive on prevention of use of financial system for money laundering - Applicant company in business of transferring customers' funds to member states through accounts held with credit institutions - Respondent credit institutions closing applicants' accounts following failure by applicant to provide information required by Spanish national law following discovery of certain irregularities regarding applicant's agents - Applicant challenging respondents' decisions before national courts - National courts deciding in favour of third respondent - Applicant and first and second respondents challenging that decision - Interpretation of various provisions of relevant directive - , arts 5, 7, 11(1), 13.

The Case

European Union Directives. The Court of Justice of the European Union gave a preliminary ruling concerning the interpretation of art 11(1), read in conjunction with , and , of Directive (EC) 2005-60, as amended by . The request had been made in proceedings between Safe Interenvos SA (Safe), a payment institution, and three credit institutions, concerning the closure by those credit institutions of the accounts held by Safe because they had suspected money laundering.

Practice Areas

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