17 Jul 2020
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.
By Francesco Guarascio, Reuters, 16 July 2020
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet