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Europol Internet Organised Crime Assessment (IOCTA) 2023

The Internet Organised Crime Assessment (IOCTA) is Europol’s assessment of the cybercrime landscape and how it has changed over the last 24 months.

Gambling business Star Racing Limited fined £594,000

Gambling operator Star Racing Limited will pay a £594,000 penalty for AML and social responsibility failures which inluded having ineffective policies, procedures and controls in place at the time of the compliance assessment; allowing customers to deposit large amounts…

German strategy on China sanctions and export controls

Germany released its first China strategy which calls Beijing a “systemic rival” and stresses the need for Europe’s largest economy to reduce economic dependence on its largest trading partner…

 

EU Commission Commission decides to refer LUXEMBOURG to the Court of Justice for failing to correctly transpose the Anti-Tax Avoidance Directive

The Anti-Tax Avoidance Directive (ATAD1) provides for a derogation from the measure limiting the deductibility of interest payments from the corporate tax base applicable to financial undertakings.

EBA publishes fourth Opinion on money laundering and terrorist financing risks across the EU

Fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector. It also sets out what competent authorities and EU co-legislators can do to mitigate those risks.

ESMA seeks first input on detailed rules for crypto markets

n this first of three consultation packages, ESMA is seeking input on proposed rules for crypto-asset service providers (CASPs), in particular related to their authorisation, identification and management of conflicts of interests and also how CASPs should address complaints.

UK: Modern Slavery in the Construction Sector – Industry Information

Modern slavery is often perpetrated by organised criminals and is the most extreme form of labour exploitation. Common commercial practices can create vulnerabilities in the workforce where criminality can thrive, for example, through complex supply chains, lapses…

White House publishes National Cybersecurity Strategy Implementation Plan

This plan details more than 65 high-impact Federal initiatives, from protecting American jobs by combatting cybercrimes to building a skilled cyber workforce equipped to excel in the increasingly digital economy.

FCA fines Bastion Capital London Limited £2.5m for serious financial control failings

Bastion executed trading to the value of approximately £49bn in Danish equities and £22.5bn in Belgian equities on behalf of Solo Group clients. The purported trades were carried out in a way that was highly suggestive of financial crime.

US Treasury appoints Andrea Gacki as the new director of FinCEN

Ms. Gacki presently serves as the Director of the Office of Foreign Assets Control (OFAC) at the Treasury Department, where she has played a leading role in the United States Government’s implementation and enforcement of economic sanctions during critical national security challenges facing the United States.

EBA publishes fourth opinion on money laundering and terrorist financing risks across the EU

Some of the ML/TF risks identified in this Opinion, such as those associated with crypto assets, innovative financial services, the identification of beneficial owners and terrorist financing, had already been identified in previous Opinions on ML/TF risks and continue to be relevant…

Europol publishes spotlight report on criminal networks in migrant smuggling

Details main features of modern migrant smuggling networks and explains phenomena such as ‘joint ventures’, where illicit actors cooperate at various stages in the migrant smuggling chain.