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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
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European Parliament Committee on Organised Crime, Corruption and ML
European Banking Federation Annual Overview of AML legislative measures
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Europol arrests 6 suspects in a multi-million-euro investment fraud and ML scheme, that deceived victims with fake investment opportunities
During the action day, EUR 133 800 worth of cash in various currencies was seized in Israel along with expensive watches. To date, French investigators have recovered approximately EUR 450 000. Investigations remain ongoing to identify further suspects and trace additional financial losses…
EU launches InvestAI, a €200bn initiative, including a €20bn fund for AI gigafactories, to drive AI innovation and establish Europe as a leading AI hub
The EU is providing financial support through Horizon Europe and the Digital Europe programme to advance generative AI. Additional initiatives focus on strengthening the EU’s AI talent pool through education, training, and reskilling. The EU is also encouraging more public and private investments in AI start-ups and scale-ups via venture capital and equity support. Efforts are being made to accelerate the creation and deployment of Common European…
Europol warns of extremist groups exploiting minors on gaming & social platforms
These communities, dedicated to normalising violence and abuse, function as cult-like networks driven by charismatic leaders who control victims through psychological manipulation, blackmail, and coercion….
EBA’s ‘Peer Review’ evaluates AML/CFT and prudential supervisors’ roles in ensuring FIs manage tax crime risks in tax integrity and dividend arbitrage schemes
The findings were based on four key benchmarks: Integration of tax integrity into AML/CFT supervision of financial institutions, Consideration of tax integrity in ML/TF risk assessments, Review of tax integrity in institutions’ internal governance, Assessment of tax integrity in evaluating the reputation and integrity of senior management…
MONEYVAL finds that Bosnia and Herzegovina has made strides in addressing ML and TF risks but still faces significant challenges in its AML and CFT efforts
Bosnia and Herzegovina’s progress in AML/CFT compliance is noted in the report, but enhancements in coordination, supervision, and sanctions are necessary to align with identified ML/TF risks.
EC’s Next-generation FIU.net equips FIUs and Europol with a cutting-edge IT solution, enabling faster, more efficient information exchange and cross‑matching of information to combat ML/TF and corruption
Criminals and terrorists are adaptable and quick to use new technologies to abuse the financial system, launder their illicitly obtained assets and finance their malicious activities. It is therefore important to ensure that competent authorities, such as the national FIUs, which are at the frontline in the fight against financial crime, have the necessary tools to be up to the challenge. These tools should allow FIUs to exchange crucial information swiftly and securely, analyse suspicious financial flows effectively and, ultimately, provide the investigative and prosecutorial authorities with useful financial intelligence…
EC Guidelines on prohibited Artificial Intelligence (AI) practices, as defined by the AI Act, covers ‘high risk’ areas such as harmful manipulation, social scoring, and real-time remote biometric identification
Eurojust and Europol’s 2024 Common Challenges in Cybercrime Report outlines key cybercrime and digital evidence challenges, legal developments, and the rising data burden on law enforcement
The report identifies key cybercrime challenges, including data management, legal uncertainties post-Data Retention Directive, and technologies obstructing investigations. Legal, logistical, and data-sharing barriers hinder international cooperation and public-private collaboration. The report outlines strategic directions, new legislative tools, and their practical application. Effectiveness depends on integration into existing strategies and adoption by practitioners…
Europol’s EFIPPP Practical Guide enhances AML/CFT Public-Private Partnerships (PPPs), enabling authorities to share case-specific intelligence with FIs, which must comply with production orders
With momentum from AMLR75, there is a growing push to standardise PPPs and information sharing across Europe. Essential insights include Authorities can now legally share case-specific intelligence with financial institutions, Financial institutions must comply with production orders and investigative requests, EU AML/CFT Regulation will enable cross-border intelligence-sharing from July 2027…
Europol shuts down the world’s 2 largest cybercrime forums ‘Cracked and Nulled’, with over 10m users, which facilitated cybercrime and illegal trade, generating €1m in criminal profits
The cybercrime forums facilitated hacking tutorials, credential stuffing tools, OTP bypass services, and remote access trojans (RATs). Law enforcement seized 17 servers and €300K in illicit assets, shutting down Sellix, a payment processor enabling criminal transactions, and StarkRDP, a hosting service used for cyberattacks…
Dutch news: Finance minister wants banks to be able to share information about their customers as part of AML investigations, despite privacy concerns
Finance Minister Eelco Heinen is calling for more targeted monitoring and potential legislation to boost competition in the savings market while addressing inefficiencies in privacy laws that hinder AML efforts. He highlighted the €1.4 billion cost of current practices with 13000 bank employees focusing on identifying suspicious spending. Heinen warned that privacy concerns are clashing with the need to keep the financial system…
European Parliament, Council, and Commission begin final negotiations on the EU Anti-Corruption Directive (proposed in May 2023), with key changes ahead and adoption is expected by Q1- Q2 2025
The key discussion points include: Establishing consistent definitions for corruption-related offenses, Lifting immunity for high-ranking officials in serious corruption cases, Supporting Deferred Prosecution Agreements for corporate compliance, Imposing fines of 5% to 10% of global turnover on corrupt companies. Trilogue discussions expected to conclude and finalise the directive in Q1-Q2 2025…