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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
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The EU Council and EU Parliament select Frankfurt as the seat of the future European authority for anti-money laundering and countering terrorist financing (AMLA)
AMLA is the centrepiece of the reform of the EU’s AML framework, which will have direct and indirect supervisory powers over obliged entities and the power to impose sanctions and measures. AMLA will be based in Frankfurt and will begin operations mid-2025. It will have over 400 staff members…
Europol announces the arrest of five high value targets arrested as one of the largest networks smuggling migrants across the English Channel halted
French and Belgian judicial orders executed in Germany led to 19 arrests and 28 locations raided following an 18-month-long joint investigation under Europol’s Operational Task Force Wave in an action coordinated by Eurojust.
Eurojust conducts over 100 searches and four arrests in Latvia, Germany, France, Italy and Malta against financial institution involved in money laundering
National authorities in Latvia, Germany, France, Italy and Malta have carried out over 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly involved in money-laundering services. The financial institution is accused of laundering at least EUR 4.5 million from illicit activities since the end of 2015…
EBA consultation on ML & CTF guidelines for crypto and fund transfers (Travel rule Guidelines) will run until 26 Feb 2024
The European Banking Authority (EBA) launched a consultation on Guidelines to prevent money laundering and terrorist financing in fund and crypto transfers. These “travel rule” Guidelines aim to unify EU practices by ensuring service providers can detect and manage incomplete transfer information, bolstering the anti-money laundering regime. The consultation will run until 26 February 2024…
MEPs adopt new rules requiring PSPs to have in place robust and up-to-date fraud detection and prevention measures
The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed…
ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation (DCCC) due to deficiencies in the DIFC’s AML framework
ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of DCCC on the basis of money laundering and terrorist finance risks and rejects appeals for transition period…
EU Council and the Parliament strike a deal to boost EU’s green industry – Net-Zero Industry Act
The Council and the European Parliament today reached a provisional deal on the regulation establishing a framework of measures for strengthening Europe’s net-zero technology products manufacturing ecosystem, better known as the ‘net-zero industry act’ (NZIA). The regulation aims at boosting the industrial deployment of net-zero technologies needed to achieve EU’s climate goals, using the strength of the single market to reinforce Europe’s leadership in industrial green technologies…
Moneyval’s Fifth Round Mutual Evaluation of Montenegro urges heightened efforts to combat ML through improved investigation, prosecution, and supervision of high-risk non-financial entities
MONEYVAL has found that in relation to the 11 areas under assessment (i.e. Immediate Outcomes), Montenegro obtained a substantial level of effectiveness in two areas, i.e. in understanding money laundering (ML) and terrorist financing (TF) risks, as well as in international co-operation where the authorities are commended for their efficient and effective cooperation with respect to both evidence and intelligence exchanges…
Europol releases podcast on Balkan Cartels for shipping vast amounts of cocaine to the EU
Europol and the DEA provide a behind-the-scenes look at Operation Familia, one of Europol’s biggest cocaine trafficking investigations.
ESAs recommend steps to enhance the monitoring of BigTechs’ financial services activities
The European Supervisory Authorities (EBA, EIOPA, and ESMA) released a report on BigTech’s role in the EU financial sector, focusing on their licensed activities in payments, e-money, insurance, and banking. The 2023 findings reveal plans to implement a data mapping tool for ongoing monitoring of BigTech’s influence and encourage information exchange between financial and regulatory bodies to address emerging challenges…
Europol publishes new report on the market for heroin and other opiods
Describes the European market for heroin (the most frequently used illicit opioid), from production and trafficking, to distribution and use.
EU Commission launches the European Ports Alliance Public Private Partnership to fight organised crime and drug trafficking
EU Commission launches the European Ports Alliance Public Private Partnership comes amid criminal networks using violence, corruption, and intimidation for profits. Cocaine seizures in the EU are at record levels, with over 300 tonnes seized annually in recent years…