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European Commission publishes Commission Delegated Regulation (EU) of 12.12.2023 amending Delegated Regulation (EU) 2016/1675 as regards the deletion of the Cayman Islands and Jordan from the table in point I of the Annex.

December 13, 2023

The assessment of the available information leads it to conclude that the Cayman Islands and Jordan no longer have strategic deficiencies in their AML/CFT regimes. It is therefore appropriate to delete the Cayman Islands and Jordan from the table in point…

EU Commission welcomes the political agreement on rules strengthening asset recovery and confiscation in the European Union

December 12, 2023

The proposed rules will also cover the violation of restrictive measures, ensuring the effective tracing, freezing, management and confiscation of benefits coming from violating sanctions.

Europol supported an international drug-trafficking operation that led to the arrest of 14 members of an Italian criminal network in Belgium, Netherlands, and Spain

December 12, 2023

The suspects produced cocaine in clandestine laboratories and smuggled it across Europe. The suspects cooperated with an international organised criminal group and allegedly perpetrated criminal activities in the EU, posing a high risk to the public across several…

EBA issues guidance to AML/CFT supervisors of crypto-asset service providers (CASPs)

November 27, 2023

Amendments include guidance on the sources of information competent authorities should consider when assessing ML/TF risks associated with CASPs and highlight the importance of a consistent approach in setting supervisory expectations, where multiple competent authorities are responsible for the supervision of the same institutions.

EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

November 24, 2023

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

European Anti-Fraud Office (OLAF) uncovers €18 million of illicit cash flows across Europe in two weeks

November 23, 2023

The customs authorities discovered at least 64 cases of potential linkages with money laundering for around €3 million, and 20 cases of potential linkages with sanctions against Russia for its aggression against Ukraine for around €180,000. In addition, 34 cases of amounts…

Crypto regulation outlook: Why have new EU rules not brought us closer to mass adoption?

November 22, 2023

EU’s MiCA framework anticipates greater transparency, but challenges linger for wider crypto adoption…

TI on ‘EU court ruling on beneficial ownership registers: One year on, need for harmonised approach is clear’

November 20, 2023

A year after the CJEU decision annulling AMLD5 provisions, journalists and civil society across the EU face restricted access to beneficial ownership information, hindering efforts to expose conflicts of interest and hidden assets…

Project CRAAFT issues Research Briefing on ‘The EU and Counterterrorism financing right diagnosis, wrong patient?’

November 20, 2023

The paper evaluates four legislative proposals on counter-terrorism financing (CTF) within the EU, questioning their alignment with addressing current threats. It recommends a new diagnosis and suggests improvements for CTF effectiveness…

EBA consults on the reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency under MiCAR

November 16, 2023

MiCAR establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the EU. It came into force on 29 June 2023, and the provisions relating to offering to the public and admission to trading of ARTs and EMTs will be applicable from 30 June 2024.

EC releases a Delegated Regulation supplementing Regulation focusing on regulatory technical standards for the AML/CFT central database

November 15, 2023

It highlights the regulatory technical standards specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and dissemination of the information contained in the AML/CFT central…

EC published a list of all public functions of each Member State that qualify as prominent public functions