Tag Archive for EU

Status of the European AML Framework

Large-scale money laundering investigations have been the drivers to improving the safeguards for the overall stability of the EU’s financial sector. Beyond the implementation of the Fifth AML Directive (5AMLD), additional significant developments include the proposed EU regulation strengthening the role of the European Banking Authority (EBA) in supervising the financial institutions, the European Council’s action plan for non-legislative AML measures, and the passing of the EU Directive on combating money laundering by criminal law.

Terrorism and the tech-industry

Internet and social media services have been used by terrorist and extremist groups globally to disseminate hate and funds, says the Counter Extremism Project and advocates effective national and European regulation to counter the threats – including new challenges posed by crypto-currencies for terrorist purposes.

The Controversial EU List of High-Risk Third Countries

The list of High-Risk Third Countries with strategic AML deficiencies presented by the EU Commission in February 2019 was rejected by the EU Council shortly after. It appears that the country risk assessment has been affected by political considerations.

Regulating a Game Changer—Europe’s Approach to Cryptocurrencies

Cryptocurrencies are seen as bringing innovation to the payments-services sector; furthering financial inclusion; and facilitating greater efficiency in cross-border transactions. However, as with other financial products and services, cryptocurrencies are also exposed to financial crime risks. The following article provides some background in relation to cryptocurrencies in general, and some insights into ongoing regulatory approaches and discussions in Europe.

Ultimate Beneficial Ownership and the Fourth EU AML Directive

The Fourth EU Anti-Money Laundering Directive has now been implemented and with it comes the launch of the new ultimate beneficial ownership registry across the 27 EU member states. Here is a detailed look at the new registry and the drive for increased transparency.

The 4th EU AML Directive: Recommendations to help your business prepare

Following adoption of the new Anti-Money Laundering (AML) Directive by the European Union, member states must now implement the required changes in their domestic legislation. Our tip sheet highlights the key changes and includes practical advice on what your company can do to prepare.

The Fourth EU AML/CTF Directive

This article will focus on one of the most recent initiatives by the EU, which underlines the continued importance of revising and improving existing anti-money laundering/ counter-terrorist financing (AML/CTF) legislative frameworks both within the individual member states and also in a cross-border context in terms of the cooperation between relevant national authorities.

Europe’s upcoming Fourth AML/CFT Directive

In February 2013, the European Commission adopted two proposals: the Fourth AML Directive and a complementary regulation on what information must accompany fund transfers to ensure traceability. The European Parliament’s and European Council’s so-called “draft directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”…