Home > Ireland > Ireland fined by EU top court over anti-money laundering rules

Ireland fined by EU top court over anti-money laundering rules

Written by Business World, on 17th Jul 2020. Posted in Ireland

article headline

The European Union's top court fined on Thursday Romania and Ireland for delays and incomplete application of the bloc's rules against money laundering and terrorist financing, it said in a statement.

Romania was ordered to pay to the European Commission a lump sum of 3 million euros, while Ireland was fined 2 million euros.

"Both member states failed to transpose in full, within the period prescribed, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing," the court said, referring to anti-money laundering rules adopted by the EU in 2015.

Those rules reinforced surveillance requirements for banks, lawyers and accountants and mandated more transparency on company owners. (Reuters)

Source: www.businessworld.ie

More articles from Ireland

image Description

Dublin City Council extends pedestrianisation trials

Read more
image Description

Brown Thomas Arnotts to cut 150 jobs

Read more
image Description

Generating new business is a big concern for Irish employers

Read more
image Description

Tánaiste announces €12m for Enterprise Centres Supporting Local Business

Read more
image Description

Work-life balance and competitive salaries most important for Irish professionals

Read more