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Money Laundering & Terrorist Financing

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 
Fourth EU ML Directive 
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
Europol Law Enforcement updates
MONEYVAL Evaluations
MONEYVAL Typologies

And many more…

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EBA identifies new types of payment fraud and proposes measures to mitigate underlying risks and protect consumers from resultant losses

May 8, 2024

The EBA confirms that regulatory measures such as the Strong Customer Authentication (SCA) that the revised Payment Service Directive (PSD2) and the EBA’s Technical Standards have imposed on the payments industry have been successful in achieving the aim of significantly reducing fraud that involves the stealing of customers’ credentials. However, fraudsters have adapted their techniques and are using more complex types of fraud, such as those based on what is commonly referred to as ‘social engineering’…

EBA to start collecting information on natural persons through its AML/CFT database, EuReCA

May 7, 2024

EuReCA contains information on serious AML/CFT deficiencies in individual financial institutions that have been identified by EU supervisors. It also contains information on the measures taken by supervisors to address those deficiencies.

European Parliament imposes ban on products made with forced labour from EU single market

May 7, 2024
Member state authorities and the European Commission will be able to investigate suspicious goods, supply chains, and manufacturers. If a product is deemed to have been made using forced labour, it will no longer be possible to sell it on the EU market (including online) and shipments will be intercepted at the EU’s borders…

European Commission publishes Q&As on new reforms in the AML/CFT framework which rests on 4 legal acts

May 7, 2024

A Regulation establishing an EU AML/CFT Authority in the form of a decentralised EU regulatory agency:

• A new Regulation on AML/CFT containing directly applicable AML/CFT rules, including a revised EU list of entities subject to AML/CFT rules (known as obliged entities);
• A Directive on AML/CFT replacing the existing EU AML/CFT Directive and containing provisions not appropriate for a Regulation and requiring national transposition, such as rules concerning national supervisors and Financial Intelligence Units in Member States;
• A recast of the 2015 Regulation on Transfers of Funds (Regulation 2015/847)…

Europol announces the global drug kingpin’s inner circle taken down

May 6, 2024

The primary objective of operation codenamed “Black Tie” was to indict and prosecute a Bosnian-Herzegovinian/Dutch national considered a High Value Target by Europol and the Netherlands. In 2023, the suspect was sentenced to seven years in prison for drug trafficking by Dutch authorities. Another operational objective was to disrupt the entire criminal organisation under the command and control of the High Value Target. This joint international investigation was comprised of Belgian, Bosnian-Herzegovinian, French, and United States law enforcement, supported by Europol.

Europol: Global drug kingpin’s inner circle taken down involving 23 accomplices and corrupt officials based in Bosnia and Herzegovina

May 6, 2024

In a large-scale raid conducted in Bosnia and Herzegovina, law enforcement officers swarmed homes and offices of 23 persons suspected to be part of the ‘inner circle’ of a drug kingpin apprehended in November 2022. Europol supported yesterday’s action, which serves as another milestone in the fight against the so-called ‘super cartel’, an alliance of criminal networks that controlled much of Europe’s cocaine trade.

EU publishes FAQs concerning sanctions against Russia and new reporting obligations

May 6, 2024

According to the FAQs, Article 5r establishes new reporting requirements intended to provide national competent authorities (“NCAs”) with information on the flow of funds out of the European Union related to Russian-owned entities as opposed to entities that are partly Russian-owned and are legitimately operating in the European Union. The reports are also intended to enable NCAs to better assess whether certain types of transfers pose a risk of violating Russia-related sanctions and to help determine the sources of Russia’s revenue…

MONEYVAL re-rates Croatia on 11 recommendations from the country’s most recent mutual evaluation

May 5, 2024

Recognises steps taken by Croatia to address weaknesses in its AML/CFT regime, with respect to PEPs, beneficial ownership, CDD and EDD.

MONEYVAL re-rates Slovenia on Recommendation 5 in latest enhanced follow-up report

May 2, 2024

Notes that Slovenia has taken additional steps to ensure that TF risks – which aren’t high in the country – have been appropriately reviewed.

MONEYVAL re-rates Cyprus in latest enhanced follow-up report on AML/CFT efforts

May 2, 2024

Recognises improvements in the assessment and mitigation of risks from virtual assets, which is appraised under Recommendation 15.

MONEYVAL re-rates Lithuania on Recommendation 2 following the fourth enhanced follow-up on the most recent mutual evaluation round

May 2, 2024

Recommendation 2 covers national cooperation and coordination in respect of AML/CFT and the re-rating recognises the inclusion of proliferation financing in the mandates and work of the existing national co-operation mechanism.

MONEYVAL re-rates Poland on Recommendation 34 in first enhanced follow-up to the country’s fifth round mutual evaluation in 2021

May 2, 2024

Recommendation 34 covers guidance and feedback and the re-rating follows steps taken by the government and the Office of the Polish Financial Supervision Authority (UKNF) to provide guidance and feedback to obligated institutions in the form of, among others, “communications”, newsletters and organisation of trainings, some of them addressing suspicious activity reporting and risk indicators.

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