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European Commission Takes Belgium, Ireland to Court Over Laundering Directive
By Larissa Bernardes
printBelgium and Ireland face potential fines and sanctions for failing to strengthen their anti-money laundering laws as part of a European Union directive, the London-based International Bar Association said Thursday. The commission filed legal actions with the European Court of Justice in December and January against the two countries for failing to adopt regulations mandated by the Third European Money Laundering Directive, according to the IBA. The European Union passed the directive in 2005, requiring that member states strengthen their anti-money laundering (AML) laws by December 15, 2008. The commission said in its December 10 filing that Ireland had failed...
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