Jun.04, 2010, 03:00

European Union officials have threatened to seek financial penalties against France for the country's failure to implement anti-money laundering rules.

The European Commission said it had asked France to comply with an earlier European Court of Justice decision that found that it had failed to fulfil its obligations in respect of the third anti-money laundering directive and transpose this into national law.

If France continued to breach its obligations, the commission warned that it could refer the case back to the court and ask it to impose financial penalties. Paris now has two months within which to comply