Fine threat over money-laundering rules

Ireland could face a large fine and daily penalties imposed by the EU over its failure to implement EU anti-money laundering rules.

The European Commission has referred Ireland, along with Greece and Romania, to the Court of Justice of the EU (CJEU) for failing to transpose EU legislation strengthening rules on money laundering into national legislation. It confirmed that infringement proceedings had begun against Ireland for failing to implement the EU’s 4th anti-money laundering directive.

EU officials said Ireland had transposed only “a limited part” of the legislation. The European Commission has recommended that the CJEU impose a lump sum fine and daily penalties until Ireland takes the required action.

Vera Jourová, the European commissioner for justice, said all EU member states were required to…

... read more at: https://www.thetimes.co.uk/article/fine-threat-over-money-laundering-rules-0b35p6kt5

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