Romania fined EUR 3m by EU top court for not transposing anti-money laundering rules

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The European Union’s top court has fined Romania by EUR 3 million for delays and incomplete application of the EU’s rules against money laundering and terrorist financing. Ireland was fined EUR 2 million over the same matter.

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 of Justice of the EU 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.

In July 2018, the European Commission referred Romania and Greece to the Court of Justice of the EU for failing to implement the 4th Anti-Money Laundering Directive into their national law. Ireland implemented only a very limited part of the rules and is therefore also referred to the Court of Justice.

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