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. "If the court confirms (our findings), there would be a daily penalty (imposed on Luxembourg)," Adalbe...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes