Ireland Faces EU Fine For Failing to Implement AML Laws

Although all EU countries should have implemented the EU’s Fourth Anti-Money Laundering Directive (AMLD4) by June 2017, the European Commission is investigating 17 countries which did not put the newest directive into action on time.

Ireland is one of these such countries that missed the deadline and is facing a major fine from the Commission.  If Ireland’s non-compliance continues, it could be escalated to the European Court of Justice.

The Department of Justice said that there has been a bill identified to change the EU rules into Irish laws.  This transition is a complicated with many requirements and consultation from various Government departments and agencies needed, but will be made a priority for publication.

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