EU warns Luxembourg with daily penalty threat over AML rules

clock • 2 min read

The European Commission has taken Luxembourg to court, asking the European Court of Justice (ECJ) to impose a daily penalty on the country for failing to implement new EU rules to stop money laundering. Without the rules on the freezing and confiscation of proceeds of crime, EU and national law enforcement authorities were unable to stop the proceeds from crime from flowing into the legitimate economy, the EC said, while also harder for the EU to recover profits from organised crime. "I...