Luxembourg reprimanded over slow transposing of money laundering laws

The European Commission has reprimanded Luxembourg once again for delays in transposing European anti-money laundering rules into its legislation. EURACTIV France reports.

The European Commission accused the Grand Duchy of not having completely implemented the anti-money laundering rules laid down by the fourth directive. This impasse drove the Commission to refer Luxembourg to the Court of Justice of the EU on 8 November 2018for only partially transposing these rules.

The Commission proposed that the Court impose a fixed sum and daily penalty payments on Luxembourg until it has taken the necessary measures.

Difficulties in combating money laundering in Europe

Despite tougher rules against money laundering, there are still many shortcomings among Member States, the European Central Bank and the Commission. EURACTIV.fr reports.

“We have stringent anti-money laundering rules at EU level, but we need all member states to implement these

... read more at: https://www.euractiv.com/section/justice-home-affairs/news/luxembourg-reprimanded-over-slow-transposing-of-money-laundering-laws/

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