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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
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Betfair Faces Enforcement Action for AML Violations in Denmark
Betfair International Plc, a subsidiary of Flutter Entertainment, has been hit with three enforcement orders and a reprimand by the Danish Gambling Authority, Spillemyndigheden, for breaching Denmark’s Anti-Money Laundering (AML) Act…
EBA issues competent authorities approaches to the supervision of banks with respect to AML/CTF (Round 3)
Each review focussed on how competent authorities assess the ML/TF risks associated with banks under their supervision, and on how competent authorities are using these risk assessments to inform their supervisory practices. It also examined the steps prudential…
EU sanctions: new law to crack down on violations
According to the proposal, violating and circumventing the sanctions should be punishable criminal offences carrying prison sentences of a maximum of five years and fines of up to ten million euro. When companies violate or circumvent sanctions, they should be excluded from public tenders.
MONEYVAL publishes Fifth Enhanced Follow-up on Slovenia
Upon re-rating, Slovenia is either compliant or largely compliant in all Recommendations apart from R.5, reflecting progress made with respect to the mitigation of risks from VASPs and cash couriers.
EU adopts 11th package of economic and individual restrictive measures intended to strengthen existing EU sanctions
The package includes tightened export restrictions, targeting entities supporting the Kremlin. It forbids transit via Russia of an expanded list of goods and technology which might aid Russia’s military or security sector. To curb the practice of ships loading Russian crude oil or…
MONEYVAL Committee says that States need to improve criminal asset recovery in combatting money laundering
States should not only improve their results in identifying and freezing criminal funds. There is also an urgent need for them to greatly improve their results in confiscating and managing criminal assets, adopt stricter sanctions and increase the number of convictions for…
EBA publishes report on ML/TF risks associated with EU payment institutions
The EBA findings suggest that ML/TF risks in the sector may not be assessed and managed effectively by institutions and their supervisors. A more robust implementation by supervisors and institutions of provisions in these guidelines will mitigate the sector’s…
EU extends sanctions targeting Russian businesspersons to include immediate family members and others
These amendments were made on the basis that leading Russian business persons have engaged in a systematic practice of distributing their funds and assets amongst their immediate family members and others in order to hide their assets, circumvent sanctions and maintain…
Europol issues Annual EU Terrorism Situation and Trend Report (TE-SAT)
The report provides an overview of the terrorism phenomenon in the EU in a given year. It offers law enforcement officials, policymakers and the general public facts and figures on terrorism in the EU, while also identifying developing trends in this crime area, based on…
EC welcomes the agreement on enhanced rules to fight terrorist financing
The new rules will provide law enforcement authorities quick access to information on the accounts where criminals and terrorists keep or hide their funds or assets. The agreed Directive will give them access to the single access point interconnecting bank account registers…
EU Council and European Parliament reach deal on access to financial information
EU countries will have to make information from centralised bank account registers available through a single access point. This will help law enforcement and judicial authorities to fight criminal offences as they currently have to collect this information via the regular…
EBA consults on amendments to the Guidelines on ML/TF risk factors to include crypto-asset service providers
The consultation runs until 31 August 2023. CASPs as well as other credit and FIs are exposed to ML/TF risks. For CASPs, these risks can be increased, due to, e.g. use of innovative technologies, instant transfers of crypto assets across the world and services that contain…