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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 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

November 15, 2023

Politically exposed person: a natural person exercising or having exercised prominent public functions. This includes in particular:
heads of State, heads of government, ministers, deputy ministers and state secretaries; in Austria, this concerns in particular the Federal…

EMCDDA and Europol publishes EU Drug Markets Analysis on Cannabis

November 15, 2023

Estimated to be worth at least EUR 11.4 billion annually, the cannabis market is the largest drug market in Europe. Latest estimates show that some 22.6 million adults in the EU (15–64 years) have used cannabis in the last year. In 2021, seized quantities of herbal cannabis and cannabis resin in the EU reached their highest levels in a decade, at 256 tonnes and 816 tonnes respectively. In addition, over 4.3 million cannabis plants were intercepted.

 

Guardian/ICIJ investigates offshore services provided by Cyprus

November 14, 2023

Casinos and schools fill with Russians in the island’s Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south

FATF publishes follow-up report on the Mutual Evaluation of Finland

October 24, 2023

Finland has nine Reommendations rated Compliant,  28 rated Largely Compliant, 3 Recommendations rated Partially Compliant and none rated Non-Compliant.

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