Greece referred to EU Court of Justice for failing to implement anti-money laundering rules
The European Commission on Thursday referred Greece, Romania and Ireland to the Court of Justice of the EU for failing to fully implement the 4th Anti-Money Laundering Directive into their national law. The Commission proposed that the Court charges a lump sum and daily penalties until the three countries take the necessary action.
Věra Jourová, Commissioner for Justice, Consumers and Gender Equality said: "Money laundering and terrorist financing affect the EU as a whole. We cannot afford to let any EU country be the weakest link. Money laundered in one country can and often will support crime in another country. This is why we require that all Member States take the necessary steps to fight money laundering, and thereby also dry up criminal and terrorist funds. We will continue to follow implementation of these EU rules by Member States very closely and as a matter of priority.”
The Member States had until 26 June 2017 to transpose the 4th Anti-Money Laundering Directive into their national legislation. These rules reinforce the previously existing rules by: strengthening the risk assessment obligation for banks, lawyers, and accountants; setting clear transparency requirements about beneficial ownership for companies; facilitating cooperation and exchange of information between Financial Intelligence Units from different Member States to identify and follow suspicious transfers of money to prevent and detect money laundering or terrorist financing; establishing a coherent policy towards non-EU countries that have deficient anti-money laundering and counter-terrorist financing rules; reinforcing the sanctioning powers of competent authorities.
Source: AMNA
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