Ireland, Romania Fined For Failing To Implement AML Law
Law360, London (July 16, 2020, 11:57 AM BST) -- The European Union's top court fined Ireland €2 million ($2.3 million) and Romania €3 million on Thursday for failing to properly bring their money-laundering and terrorist-financing rules in line with the rest of the bloc.
The European Court of Justice said the countries must pay the money to the European Commission as penalties for incompletely applying the fourth anti-money laundering directive, which they should have transposed into national law by 2017.
The commission took legal action against the two states after finding that there were still gaps in Ireland's AML rules well into 2018. Romania meanwhile has failed to pass any...
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