Ireland faces EU fine over money laundering legislation
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Ireland faces a fine from the European Commission for failing to implement the EU’s fourth anti-money laundering directive by the June 2017 deadline.
The Commission is investigating 17 countries which did not put Directive 2015/849 into force by 26 June 2017, The Irish Times reports.
The proceedings could result in a hefty fine for the State, and persistent non-compliance could see it brought to the European Court of Justice.
The Department of Justice said a bill to transpose the EU rules into Irish law has been “identified as a priority for publication”.
A spokesperson for the Department added: “This is a complex piece of legislation, which has required consultation with and input from various Government departments and agencies. This work is now nearing completion and it is expected that the draft Bill will be brought to Government for approval before the end of the year.”
The Department also said that it had responded to a formal notice of investigation from the European Commission in July, but had received “no further correspondence” since then.
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