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EC publishes Commission Delegated Regulation amending jurisdictions with deficiencies in their AML/CFT regimes

May 17, 2023

The Commission’s assessment concludes that Nigeria and South Africa should be considered as third-country jurisdictions having strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system of the EU. Nigeria and South Africa should…

European Council adopts rules which will make crypto-asset transfers traceable

May 16, 2023

The crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of the transfers of crypto assets they operate, regardless of the amount of crypto assets being transacted, ensuring traceability of crypto-asset…

TI Open Letter to the European Commission to uphold Corporate Transparency in the 6th AMLD

May 5, 2023

TI calls the EC to explicitly support strong provisions for meaningful stakeholder access to beneficial ownership registers that were recently proposed by the European Parliament and ask the EC to to help ensure that the 6th AMLD fully mitigates this risk and enables civil society…

EBA publishes its Annual Report on convergence of supervisory practices for 2022

May 4, 2023

EBA notes EU wide consistent implementation of 2022 priorities in supervisory work programmes and further improvements in the functioning of supervisory colleges but calls for more attention in some areas. Competent authorities also showed ability to react to macro…

MONEYVAL releases its Strategy on AML/CFT and proliferation financing (2023-2027)

April 25, 2023

MONEYVAL held a high-level meeting in Warsaw where Member states committed to improve the effectiveness of their regimes to prevent and combat money laundering, the financing of terrorism and weapons of mass destruction proliferation. Illicit finance poses a major…

EU agrees comprehensive framework for Crypto Regulation

April 20, 2023

EP endorsed the first EU rules to trace crypto-asset transfers (like bitcoins & electronic money tokens), prevent money laundering, as well as common rules on supervision and customer protection. The aim is to ensure that crypto transfers can always be traced and suspicious…

EU MEPs approves long-awaited EU AML Package

April 6, 2023

The EU AML package focuses on three pieces of draft legislation notably, the EU “single rulebook”, 6th AML directive and the regulation establishing the European AML Authority with supervisory and investigative powers to ensure compliance with AML/CFT requirements…

EC proposes more transparency and less red tape for companies to improve business environment

March 28, 2023

EC adopted a proposal for a Directive making it easier for companies to expand the use of digital tools and processes in EU company law. It aims to facilitate cross-border companies’ operations and to increase business transparency and trust by making more information…

FINMA says Credit Suisse could face disciplinary action

March 26, 2023

Credit Suisse could face a probe and disciplinary action over how top managers ran the bank in the run-up to its collapse and takeover by UBS. Marlene Amstad, president of the Swiss regulator Finma, told the newspaper NZZ am Sonntag, according to Bloomberg…

Council of Europe removes Ukraine from blacklist of states that prevent combating corruption

March 24, 2023

GRECO has concluded that the current level of compliance with its recommendations is no longer “globally unsatisfactory,” The group asked Ukraine to provide a report on the measures taken to implement the unfulfilled recommendations by March 31, 2024…

Europol helps targetting Chipmixer, a cryptocurrency mixer well-known in the cybercriminal underworld

March 15, 2023

The investigation into the criminal service suggests that the platform may have facilitated the laundering of 152 000 Bitcoins in crypto assets. A large share of this is connected to darkweb markets, ransomware groups, illicit goods trafficking, procurement of child…

OECD calls on Iceland to improve detection of foreign bribery

March 7, 2023

Iceland needs to increase the use of proactive steps to gather information from diverse sources at the pre-investigative and investigative stages both to increase the sources of allegations and enhance investigations. Other areas for improvement include stepping up efforts…