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Ireland fined €2m by European court over anti-money laundering rules

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(stock photo)

(stock photo)

(stock photo)

The European Union’s top court fined on Thursday Ireland and Romania 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 €3m, while Ireland was fined €2m.

“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