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Europe
This section covers AML/CTF initiatives by European Commission, Council of Europe MONEYVAL, European Parliament, Europol and other related EU organisations.
New EU AML Package
Sixth EU ML Directive
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European Commission Financial Crime
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European Banking Federation Annual Overview of AML legislative measures
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Europol holds largest-ever operation to increase seizures of criminal assets worldwide
Over 80 financial experts and representatives from 43 law enforcement agencies across 28 countries joined Europol for Project A.S.S.E.T. (Asset Search & Seize Enforcement Taskforce). This groundbreaking initiative, conducted from 13 to 17 January, aims to enhance global efforts to identify, freeze, and seize criminal assets. The event also included key contributions from international organizations such as Eurojust and Interpol, demonstrating a coordinated global effort.
EPPO uncovers €6m EU subsidy fraud in Lithuania involving organised crime
The organised crime group allegedly misappropriated nearly €6 million from EU structural funds – the suspects reportedly engaged in simulated commercial relations, fictitious transactions, inflated costs, and tampered equipment to mislead authorities about project contributions and costs.
MONEYVAL reports progress by the Slovak Republic in addressing deficiencies related to NPOs, virtual assets and high risk countries, but improvements were insufficient for a ratings upgrade
The country remains under MONEYVAL’s enhanced follow-up procedure and must report on overall progress within a year. Additionally, it is required to provide updates on customer due diligence measures (Recommendation 10) at the June 2025 plenary meeting. Further action is needed to fully address deficiencies and strengthen enforcement.
EBA publishes joint report on recent development in crypto-assets
This report, intended to inform the European Commission’s (EC) report to the European Parliament and Council, examines decentralised finance (DeFi), crypto lending, borrowing, and staking activities. It is primarily analytical, refraining from policy recommendations but highlighting key insights and risks.
EBA publishes final guidelines on ESG risk management, requiring institutions to identify, measure, manage, and monitor risks, and prepare plans to address financial risks from ESG factors
Institutions must develop plans that align with EU transition efforts. They are set to apply from 11 January 2026 for most institutions with an extended deadline for smaller entities. They complement other sustainable finance actions outlined by the EBA. These guidelines are part of the EU’s broader strategy to promote sustainable finance and ensure the stability of financial institutions in light of intensifying ESG challenges…
Eurozone Banks are now required to process payments in 10 seconds under SEPA Instant Payments, raising potential fraud risks
Could the rapid processing of instant payments become a new target for fraudsters to exploit? As of 9 January 2025, all Eurozone PSPs must support receiving instant payments, marking a key milestone in harmonising instant payment adoption across the EU…
EBA consults on draft standards for prudential treatment of crypto asset exposures, aiming to harmonise capital requirements across EU FIs, ensuring alignment with Basel standards
The European Banking Authority has issued a consultation on the draft regulatory technical standards regarding the calculation and aggregation of crypto exposure values under Article 501d(5) of the CRR. This includes guidelines for financial institutions to calculate their capital requirements for crypto-asset exposures including tokenized traditional assets and other crypto-assets.The consultation seeks feedback to ensure effective regulation of crypto asset…
Reuters: Portugal’s Novo Banco fires Chief Risk Officer over ‘suspicious transactions,’ reports matter to regulator
Novo Banco has dismissed its chief risk officer, Carlos Jorge Ferreira Brandao following an internal investigation and reported concerns about his conduct to Portugal’s banking regulator. The bank also filed a complaint with the Public Prosecutor’s Office, which has initiated an investigation. Novo Banco clarified that the suspected issue is not connected to the bank or its operations…
AML Intelligence: Malta’s FIAU chief Alfred Zammit discusses 2025 priorities and navigating legal challenges
Alfred Zammit, director of Malta’s FIAU is keen for a European court case against the agency to clarify its authority to impose penalties. He highlighted the FIAU’s efforts to strengthen ties with law enforcement, sharing more intelligence to support ML investigations. Zammit emphasized the agency’s focus on enhancing collaboration and efficiency in tackling financial crime…
EPPO Spain dismantles a transnational criminal network involving €17m VAT fraud through luxury car sales, leading to the arrest of 30 individuals
Thirty arrests were made and assets worth €11 million were seized, including cars, properties, and cash. The operation supported by German and Spanish authorities revealed a complex system of shell companies used for tax evasion and ML with over 200 bank accounts blocked across multiple countries…
MONEYVAL re-rates Poland on Recommendations 1 and 33, in recognition of its corrective actions since the adoption of the MER and 1st enhanced FUR
Recommendation 1 outlines requirement for a risk-based approach, while Recommendation 33 states that countries should maintain comprehensive statistics on the effectiveness and efficiency of their AML/CFT systems. Requests for re-ratings on Recommendations 15 and 26 were analysed, but no changes were granted.
OCCRP investigation confiscated $2 m from a diamond company while Ukrainian authorities raided the warehouses over a scandal involving inflated food prices sold to the military
Kut’s warehouses are tied to the scheme and Hlyniana’s companies are under investigation for tax evasion and money laundering. Neither woman has been formally charged but both are under scrutiny in their respective countries…