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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.
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Europol’s EU Terrorism Situation and Trend Report (EU TE-SAT) 2024 offers a comprehensive overview of the evolving terrorism landscape in the EU throughout 2023
Terrorist actors are continuously adapting their narratives, outreach and activities in response to the most recent geopolitical and socioeconomic developments. The targeting of young people and their involvement by terrorist groups, including their active role in the production of online propaganda and the planning of attacks, is an increasing concern. Equally concerning is the use of AI and other technology by terrorist groups to strengthen their messages and facilitate their operations. Europol and its partners stand resolute to combat these emerging developments through strong partnerships and innovative solutions…
MONEYVAL reports that Monaco has strengthened its measures to combat ML/TF, achieving ‘large compliance’ with 32 and ‘full compliance’ with 7 of the 40 FATF
The positive actions taken by the authorities have improved Monaco’s compliance with the FATF’s Rec. 4 (Confiscation and provisional measures), 6 (Targeted financial sanctions related to terrorism and terrorist financing), 7 (Targeted financial sanctions related to proliferation), 8 (Non-profit organisations), 12 (Politically exposed persons), 23 (Measures related to designated non-financial businesses and professions), 24 (Transparency and beneficial ownership of legal persons)…
Europol’s Bonus Episode, marking the Agency’s 25th anniversary, covers 1999 to the present, highlighting major cases and the Agency’s evolution into a central criminal intelligence hub
MONEYVAL concludes that Croatia has strengthened its measures for tackling money laundering and combating financing of terrorism
The report found Croatia to have improved its compliance with the Financial Action Task Force’s Recommendations 1 (Assessing risks and applying a risk-based approach), 2 (National cooperation and coordination), 6 (Targeted financial sanctions related to terrorism and terrorist financing), 7 (Targeted financial sanctions related to proliferation), 15 (New Technologies), 18 (Internal controls and foreign branches and subsidiaries), 33 (Statistics), 35 (Sanctions) and 36 (International instruments)
EPPO Germany carries out searches at bank in €200m VAT fraud probe, involving a company MD accused of creating a fictitious business identity for processing transactions
The suspect received bank transfers totalling over €200 million from 127 different companies in Italy and Slovakia to his accounts in Germany between 2016 and 2022. The money is understood to have originated primarily from a VAT carousel fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax…
Belgian and Dutch authorities, supported by Eurojust and Europol, dismantled an international ‘phone phishing’ gang that targeted elderly victims, scamming millions of euros
Most of the fraudulent activities took place in Belgium, but the organised crime group (OCG) behind the scam operated mainly from Rotterdam and other cities in the Netherlands. This week’s arrests have led to the apprehension of the alleged leaders of the OCG, though the investigations into the fraud continue. The fraudsters allegedly scammed victims out of at least several million euros. ..
GI-TOC report highlights how FIs in the Balkans are exploited for ML and illicit financial flows, revealing regulatory gaps and systemic vulnerabilities
The report highlights structural weaknesses in the Western Balkans that enable money laundering. Key issues include regulatory gaps in cryptocurrency, which allow anonymous, cross-border transactions, and financial technology, which introduces new risks due to lagging compliance frameworks. Additionally, the absence of centralized registries for PEPs and beneficial owners leaves financial institutions without vital information, inadvertently aiding criminal activities…
MONEYVAL summarises outcomes of 68th Plenary meeting
Key topics discussed included adoption of the analysis on the voluntary tax compliance (VTC) programme introduced by Georgia, and approval of the Supranationality project, which analysed how EU supra-national legislation and mechanisms were considered and weighted during the 5th round of evaluations. MONEYVAL provided information and guidance regarding the 6th round of evaluations, including information on sequencing, data collection, training and the revised FATF Methodology.
European Parliament endorses Bruna Szego as AMLA’s Head: A landmark achievement for Italy and the EU in combating financial crime
AMLA’s new chief Bruna Szego pledges innovation, transparency and coordination in the fight against financial crime. Szego founded and leads the AML supervision and regulation unit at the Bank of Italy, having previously headed its regulation and macroprudential analysis directorate. She sits on the EBA’s AML standing committee. AMLA should begin its work in the first half of 2025…
EBA’s latest Risk Assessment Report (RAR) and 2024 EU-wide transparency exercise show that EU banks remain resilient, despite ongoing risks from geopolitical tensions and cyber threats
Highlights of the EBA risk assessment: EU/EEA banks continue to operate in an environment of slow economic growth and downside risks due to geopolitical risk. Lending is picking up slowly, while banks’ asset quality marginally deteriorated. Direct exposures of the EU banking sectors towards geopolitical risky countries are limited yet second round risks can be material. Risks relevant to CRE sector and the interlinkages with non-bank financial intermediaries remain significant for the EU banking sector….
Europol supports EPPO’s “Admiral 2” operation, uncovering a complex VAT fraud network involving electronic goods trade, leading to a €297m loss
Europol’s Financial Intelligence Public-Private Partnership (EFIPPP) pre-launches a new ‘Practical Guide for Operational Cooperation between Investigative Authorities and FIs’
This Guide is designed to support criminal investigative authorities in fostering effective public-private partnerships with the EU. Amid the momentum generated by EU AMLR75 Information Sharing Article, there is a growing push to make AML/CTF PPP and information sharing the standard practice across Europe.