The European Court of Justice (ECJ) on Thursday upheld the actions brought by the European Commission against Romania and Ireland and ruled that the two countries have to pay a lump sum of 3 million euros ($3.4 million) and 2 million euros, respectively, for failing to transpose in full within the period prescribed the EU directive aimed at preventing the use of the financial system for money laundering or terrorist financing
MOSCOW (Pakistan Point News / Sputnik - 16th July, 2020) The European Court of Justice (ECJ) on Thursday upheld the actions brought by the European Commission against Romania and Ireland and ruled that the two countries have to pay a lump sum of 3 million Euros ($3.4 million) and 2 million euros, respectively, for failing to transpose in full within the period prescribed the EU directive aimed at preventing the use of the financial system for money laundering or terrorist financing.
In August 2018, the European Commission filed two lawsuits against the countries for failure to fulfill obligations, submitting that Romania and Ireland had neither included Directive 2015/849 � preventing the use of the bloc's financial system for money laundering and financing terrorism � in their national legislation in full within the set period. Within the context, the Commission sought an order that Romania and Ireland should pay a lump sum.
"Romania and Ireland are ordered to pay the Commission a lump sum of ��3,000,000 and ��2,000,000 respectively. Both Member States failed to transpose in full, within the period prescribed, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing," the press release said.
In particular, per two Grand Chamber verdicts, on the expiry of the period set for them, Romania and Ireland had neither adopted the national measures transposing Directive 2015/849 nor notified such measures to the European Commission and, therefore, they failed to implement their commitment under the EU directive.
