The European Commission (EC) referred Greece and Romania to the Court of Justice of the EU for failing to implement the 4th Anti-Money Laundering Directive into their national law.
Ireland, which implemented only a very limited part of the rules, was also referred to the Court of Justice.
The Commission proposed that the Court charges a lump sum and daily penalties until the three countries take the necessary action.
“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,” said Věra Jourová, Commissioner for Justice, Consumers and Gender Equality.
The Member States had until June 2017 to transpose the 4th Anti-Money Laundering Directive into their national legislation. The Romanian authorities have made little progress this year in implementing this directive. A draft bill promoted by the National Office for Prevention and Control of Money Laundering aims to eliminate bearer shares.