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EU Parliament strengthens EU’s toolkit to fight ML/TF, providing interested parties with direct access to beneficial ownership including wide-reaching due diligence

April 26, 2024

𝗠𝗘𝗣𝘀 𝗮𝗿𝗲 𝘀𝗲𝘁 𝘁𝗼 𝗳𝗶𝗻𝗮𝗹𝗶𝘀𝗲: 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 𝗙𝗼𝗼𝘁𝗯𝗮𝗹𝗹 𝗖𝗹𝘂𝗯𝘀 – From 2029, professional football clubs will be required to verify customer identities, monitor transactions, and report any suspicious activities to FIUs. 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗩𝗶𝗴𝗶𝗹𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗨𝗹𝘁𝗿𝗮-𝗥𝗶𝗰𝗵 – persons with a total wealth value of at least 50.000.000 euro, excluding their main residence. 𝗘𝗨-𝘄𝗶𝗱𝗲 𝗖𝗮𝘀𝗵 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗟𝗶𝗺𝗶𝘁 – of €10,000 to prevent large-scale cash-based money laundering.

Estonia’s Financial Intelligence Unit publishes yearbook for 2023

April 25, 2024

Annual report summarising key AML/CFT developments in the Baltic state.

MEPs vote on new rules for payment services to improve access to cash with strong defences against fraud and data breaches

April 25, 2024

The aim is to foster a level playing field between banks and non-bank payment service providers while protecting users from fraud, misuse of their data and hidden fees and charges. MEPs also want to ensure better access to cash for all citizens, especially those in remote or rural areas…

Europol arrests 20 in clampdown against gang suspected of laundering EUR10M

April 24, 2024

20 members of an intercontinental criminal network engaged in drug trafficking and money laundering have been arrested following a large-scale operation on 6 and 7 March in Spain and Portugal. The suspects laundered more than EUR 10 million using stolen identities of Colombian, Portuguese, Spanish and Venezuelan nationals…

Europol and law enforcement authorities from 19 countries have disrupted LabHost, one of the world’s largest “phishing-as-a-service” platforms facilitating cyber fraud on a massive scale

April 20, 2024

LabHost had provided phishing tools and services to around 10,000 cybercriminal users worldwide for a monthly subscription fee. Europol stated that at least 40,000 phishing domains were linked to LabHost, which targeted users of hundreds of financial institutions, shipping firms, telecom providers, and more…

Council of the EU gives green light for EU law on asset recovery and confiscation

April 12, 2024

The Council adopted a law which sets out EU-wide minimum rules on the tracing, identification, freezing, confiscation and management of criminal property in connection with a wide range of crimes.

OCCPR highlight that Belarusian timber finds its way to EU despite sanctions

April 11, 2024

The EU banned imports of wood from Russia and Belarus in March 2022, shortly after Moscow invaded Ukraine. Until then, only Belarus exported timber worth around one billion euros annually. But since the ban came into effect, the EU suddenly saw an influx of wood supposedly coming from Kazakhstan and Kyrgyzstan…

Europol publishes ground-breaking report uncovering the most significant criminal networks threatening the security of the EU

April 5, 2024

Describes, in detail, how the most threatening criminal networks are organised, which criminal activities they engage in, and how and where they operate.

EBA’s Risk Dashboard shows EU banks are robust, but signs of credit quality deterioration are becoming apparent

April 4, 2024

It discloses aggregated statistical information for the largest EU/EEA institutions. EU/EEA’s banks capitalisation stands at record levels, liquidity has improved, while return on equity (RoE) stood at 10.3%. Yet, early signs of credit quality deterioration have become more apparent. The publication also includes information on minimum requirements for own funds and eligible liabilities (MREL).

ESMA consults on possible amendments to the Credit Rating Agencies regulatory framework to ensure a better incorporation of ESG factors

April 2, 2024

The objective of the proposals is to ensure a better incorporation of ESG factors in the credit rating methodologies and subsequent disclosure to the public, as well as to enhance transparency and credibility in the credit rating process…

ESMA finalises first rules on crypto-asset service providers

March 25, 2024

The report aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and a safer environment for investors across the EU.

The EU Parliament approves the AI Act that establishes obligations for AI based on its potential risks and level of impact

March 21, 2024

It aims to protect fundamental rights, democracy, the rule of law and environmental sustainability from high-risk AI, while boosting innovation and establishing Europe as a leader in the field…

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