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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.
New EU AML Package
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EPPO releases Annual Report for 2023, revealing 1927 ongoing investigations and €19.2 billion in damages to the EU budget
EPPO report shows that at the end of 2023, it had a total of 1927 active investigations, with an overall estimated damage to the EU budget of €19.2 billion – 59% of which (€11.5 billion, corresponding to 339 investigations) was linked to serious, cross-border VAT fraud…
Europol supports EPPO investigation into €195 million VAT fraud scheme
Europol-led operation results in the arrest of 14 individuals across 17 countries for a EUR 195 million VAT fraud scheme. Seized assets include smartphones valued at EUR 15.3 million, a EUR 3 million yacht, and EUR 1.2 million in cash and cryptocurrency…
Europol releases ‘Sinking Drug Shipments’ podcast exploring Europe’s port and how they are fighting organised crime
Organised crime networks are always adapting their methods, trying to stay one step ahead of law enforcement. This is especially true for their illegal shipments; drugs, counterfeits and other illicit goods are constantly being uncovered and intercepted by law enforcement in unexpected places. One of the key avenues criminals exploit in their logistics is maritime ports….
Eurojust supports full-scale action against EUR 2 billion money laundering network via Lithuania
In total 55 places were searched and over EUR 11.5 million in assets and bank accounts have been frozen. Eurojust and Europol played pivotal roles in facilitating and coordinating the international activities.
EPPO uncovers €220m VAT fraud involving Italian alcohol exporters
The investigation uncovered a highly skilled white collar criminal organisation suspected of using false invoices to evade the payment of taxes for exporting large quantities of alcoholic beverages, using an intra-community 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 (VAT).
Wolfsberg Group responds to EBA consultation on travel rule guidelines
Offers detailed suggestions on how the Guidelines may be further improved by acknowledging the various roles played by Payment Service Providers n a transfer chain and addressing the potential unintended consequences of the new requirements around batch payments.
The EU Council and EU Parliament select Frankfurt as the seat of the future European authority for anti-money laundering and countering terrorist financing (AMLA)
AMLA is the centrepiece of the reform of the EU’s AML framework, which will have direct and indirect supervisory powers over obliged entities and the power to impose sanctions and measures. AMLA will be based in Frankfurt and will begin operations mid-2025. It will have over 400 staff members…
Europol announces the arrest of five high value targets arrested as one of the largest networks smuggling migrants across the English Channel halted
French and Belgian judicial orders executed in Germany led to 19 arrests and 28 locations raided following an 18-month-long joint investigation under Europol’s Operational Task Force Wave in an action coordinated by Eurojust.
Eurojust conducts over 100 searches and four arrests in Latvia, Germany, France, Italy and Malta against financial institution involved in money laundering
National authorities in Latvia, Germany, France, Italy and Malta have carried out over 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly involved in money-laundering services. The financial institution is accused of laundering at least EUR 4.5 million from illicit activities since the end of 2015…
EBA consultation on ML & CTF guidelines for crypto and fund transfers (Travel rule Guidelines) will run until 26 Feb 2024
The European Banking Authority (EBA) launched a consultation on Guidelines to prevent money laundering and terrorist financing in fund and crypto transfers. These “travel rule” Guidelines aim to unify EU practices by ensuring service providers can detect and manage incomplete transfer information, bolstering the anti-money laundering regime. The consultation will run until 26 February 2024…
MEPs adopt new rules requiring PSPs to have in place robust and up-to-date fraud detection and prevention measures
The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed…
ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation (DCCC) due to deficiencies in the DIFC’s AML framework
ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of DCCC on the basis of money laundering and terrorist finance risks and rejects appeals for transition period…