EU COMMISSION REFERS GREECE, IRELAND AND ROMANIA TO THE COURT OF JUSTICE FOR NOT IMPLEMENTING 4th AML DIRECTIVE

On 19th July, a news release notified that the Commission had referred Greece and Romania to the Court of Justice of the EU for failing to implement the 4th AML Directive into their national law.  Ireland implemented only a very limited part of the rules and is therefore also referred to the Court.  The Commission proposed that the Court charges a lump sum and daily penalties until the 3 countries take the necessary action.  The Commission has also sent reasoned opinions to Latvia and Spain and an additional reasoned opinion to Malta for failing to transpose the Directive into national law as the assessment of the transposition laws notified by these countries has showed that the transposition is not complete.

http://europa.eu/rapid/press-release_IP-18-4491_en.htm

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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