EU Threatens to Go After Money-Laundering Laggards With Lawsuits
23 Jan 2020

A number of European Union countries failed to meet a Jan. 10 deadline to fully apply strict new measures against money laundering, compounding the bloc’s challenge in weeding out dirty money.

The European Commission, the EU’s executive arm, is preparing to launch so-called infringement procedures next month to get all countries to implement the rules, Valdis Dombrovskis, the EU commissioner in charge of financial-services policy, told finance ministers at a meeting in Brussels on Tuesday. The infringement action is a step in the EU’s legal process that could see a case brought before the bloc’s court of justice and result into hefty fines.

Dombrovskis didn’t say which countries missed the deadline.

“We regret this and encourage member states who still have to take steps in order to approve internally the new rules, and to do so urgently, also considering the collective interest of the Union,” Dombrovskis said.

By Alexander Weber, Bloomberg, 21 January 2020

Read more at Bloomberg

Photo (edited): Thomas Quine [CC BY 2.0] via Flickr

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