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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
Fifth EU ML Directive
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Third EU ML Directive
European Commission Financial Crime
European Parliament Committee on Organised Crime, Corruption and ML
European Banking Federation Annual Overview of AML legislative measures
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Swiss Federal Council adopts dispatch on strengthening anti-money laundering framework
The aim is to reinforce the integrity and competitiveness of Switzerland as a financial and business location by means of a federal register of beneficial owners and due diligence for particularly risky activities in legal professions, as well as other provisions.
Europol assisted the Spanish National Police in dismantling two criminal groups involved in smuggling hundreds of Chinese nationals through various fraudulent means
Two stages were required for such a complicated investigation: 35 suspects were detained by Spanish law enforcement for allegedly aiding illegal immigration, forging documents, and being members of criminal organizations. Europol offered operational analysis support and on the day of the action, an analyst was sent to Toledo to offer forensic expertise and on-the-spot assistance….
Europol experts shared 70 identification datasets to assist national authorities in child abuse investigations
The goal of the operation was to assist in the identification of the victims and offenders found in over 68 million media files that contained evidence of child sexual abuse that had been taken from various law enforcement agencies and turned over to Europol. In order to concentrate on unresolved cases of child sexual abuse, Europol has been bringing together victim identification specialists from all over the world since 2014…
MONEYVAL publishes AML/CTF follow-up reports evaluating progress by Bulgaria, the Holy See and San Marino in implementing the FATF recommendations
The Vatican City State will continue to be regularly monitored and will provide MONEYVAL with updates on their efforts to enhance their AML/CFT implementation. In accordance with Rule 22 of the Rules of Procedures for the Fifth Round of Mutual Evaluations, the Holy See, which encompasses the Vatican City State, is anticipated to submit a report in four years…
EPPO and the Italian Financial Police arrest suspected ringleader of a complex tax fraud involving the sale of cosmetics of over €3.6 million
It is estimated that the illicit activities of the criminal organisation caused a loss of over €2 million to the EU and national budgets in unpaid VAT, and the loss of an additional €1.6 million due to the fraudulent obtaining of EU-backed loans from the banks.
FATF, INTERPOL and UNODC issued a unified call for heightened global efforts to combat ML/TF, targeting the massive illicit profits fuelling transnational organised crime
‘Global financial integrity is vital for financial stability, inclusion, and peace and security,’ stated FATF President T. Raja Kumar. This necessitates robust and effective implementation of ML/TF standards. The FATF is dedicated to contributing and intensifying its efforts on the cross-cutting activities that facilitate all serious crimes, particularly the laundering of criminal proceeds…’
EU AML/CTF Authority: Success factors for a fit-for purpose EU AML/ CFT regime and architecture
AMLA is an essential step towards transforming and enhancing AML/CFT supervision. A capable AMLA has the potential to improve the resilience of the European financial system, reduce the likelihood of systemic errors, and allow individual cases to be handled with greater efficiency. It must be ensured that AMLA has a broad mandate, covering a range of players in the financial sector…
EBA unveils latest AML/CTF developments in its May 2024 Newsletter
The EC has issued a ‘Call for Advice’ on the methodology of assessing ML/TF risk by AML/CFT supervisors, as well as pecuniary sanctions under Article 39(8) of the AMLD6 and on the minimum requirements for group-wide policies under Article 13(3) of the AMLR. It also includes amendments to the Guidelines for crypto-asset service providers (CASPs) …
EBA publishes part one of its Annual report for 2023, highlighting its mission to support the implementation of robust approaches to tackling financial crime risks across the EU
On the regulatory front, the EBA continued its work aimed at strengthening the EU financial sector, in particular by finalising the implementation of the Basel III framework in the EU, implementing the ESG roadmap, and delivering on its digital finance mandates under the Markets in Crypto-Assets Regulation (MiCAR) and the Digital Operational Resilience Act (DORA)….
EBA releases the final draft technical standards under the Markets in Crypto-Assets Regulation – provisions (including on AML) relating to ARTs will be applicable from 30 June 2024
Sets out three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) relating to the authorisation as issuer of asset-referenced tokens (ARTs), to the information for the assessment of acquisition of qualifying holdings in issuers of ARTs and to the procedure for the approval of white papers for ARTs issued by credit institutions under the Markets in Crypto-assets Regulation (MiCAR).
European Parliament passed a historic law, marking a significant step towards holding big companies accountable for harm they cause to people and the planet.
As the EU is a major player on the global economic stage, the implementation of this law has the potential to create a ripple effect that reaches far beyond its borders. Global Witness has been championing this cause from the beginning, pushing for greater corporate responsibility and justice for affected communities. While there are a lot of gaps to fill in the law, the CSDDD will help level the power imbalance between profit-driven companies and the communities they impact.
European Commission publishes latest update on AML/CTF of terrorism legislative package
EU proposed on 20 July 2021 by the European Commission are now agreed by co-legislators. The proposed agreement also covers the institutional side with the creation of a new EU authority to fight money laundering (AMLA) which will be at the core of the system implementing the new framework…