A HUGE €1.7 million fine imposed on a Gibraltar bank still stands after it lost an appeal at the Spanish High Court.
The sanction was imposed on Jyske bank after it refused to release details of a property purchase in 2007 on the Costa del Sol.
The European Courts of Justice backed Spain’s demand for the information as it believed the transaction is linked to money laundering.
The ruling comes despite the bank finally releasing some information on the purchase. However, it failed to divulge who was involved or provide transaction copies.
After the Spanish High Court issued the fine, Jyske appealed to the EU Court claiming the bank was only obliged to inform the Gibraltar authorities over the transaction.
However, the EU court ruled that as the bank had regular activity in Spain it should also communicate directly with the Spanish authorities to fight against money laundering.
Jyske now plan to appeal the judgement.
“We are now studying the preliminary ruling together with our Spanish lawyers in order for us to prepare for the continuing case before the Spanish courts,” Managing Director Lars Aarup Jensen told the Olive Press.
“However, we would like to stress that this case is not about whether Jyske bank has been involved in money laundering.
“It is a question of whether Spain should obtain reports on potential money laundering from the Financial Intelligence Unit in the home jurisdiction of a bank or directly from the bank itself,” he added.
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