Ireland accused of flaws in anti-money laundering regulations

The State, as well as France and Latvia, have been given two months to respond to formal European Commission infringement proceedings

The European Commission has opened up infringement proceedings against Ireland and two other EU members for incorrectly transposing an amended anti-money laundering directive.

In the case of Ireland, the failure refers to “the current system not guaranteeing the adequacy and completeness of the information held in the beneficial ownership register of trusts as well as regards the accessibility of its information”, it said.Tricky judgments on when to reduce interest rates “Legislative gaps occurring in one member state have an impact on the EU. That is why EU rules should be implemented and supervised efficiently to combat crime and protect our financial system,” the Commission said in a statement.

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