Ireland faces steep fines over failure on EU laundering rules …

Ireland may face severe fines for failing to implement rules to prevent money laundering, the European Commission warned yesterday.

The commission said it had referred Ireland to the European Court of Justice because it enacted only a “very limited part” of the rules due to be implemented more than a year ago.

Ireland faces a fine of at least €1.7 million and a daily penalty of €17,000 until it fully implements the rules. Romania and Greece were also referred for non-compliance.

Vera Jourova, EU justice commissioner, said that the countries were referred to the courts to ensure that no member state was the “weakest link”.

She said that money laundering and terrorist financing affected the EU as a whole. Crimes in one country would support…

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