News - eucrim

News

MONEYVAL: Typologies Report on AML/CFT Supervision in Times of Crisis

31 March 2022

Dr. András Csúri in Issue 1/2022

On 25 January 2022, MONEYVAL published a report that aims to assist authorities in effectively carrying out their supervisory activities as regards anti-money laundering and countering the financing of terrorism (AML/CFT) in times of crisis. The COVID-19 pandemic has created new threats and vulnerabilities to … Read more

Council of Europe Money Laundering

AG Opinion on Public Access to Information on Beneficial Owners

21 February 2022

Thomas Wahl

In his opinion of 20 January 2022, AG Giovanni Pitruzzella concluded that the fourth anti-money laundering (AML) Directive as amended by the fifth AML Directive is partly invalid. In essence, the case addresses the question of balancing transparency requirements with respect for fundamental rights. Read more

EU Money Laundering

7th European Money Mule Action Concluded

13 January 2022

Cornelia Riehle LL.M.

On 1 December 2021, Europol published its conclusions on the seventh European Money Mule Action, Operation EMMA 7. This international action was coordinated by Europol and involved 27 countries, Eurojust, INTERPOL, the European Banking Federation (EBF), and the FinTech FinCrime Exchange. Around 400 banks … Read more

EU Europol Money Laundering

CJEU: Union Law Does Not Preclude Criminalisation of Self-Laundering

26 October 2021

Thomas Wahl

On 2 September 2021, the CJEU decided that EU law (i.e. Directive 2005/60/EC) does not preclude national legislation that provides that the offence of money laundering can also be committed by the perpetrator of the predicate offence, i.e. the criminal activity from which the money concerned was derived. As a result, the CJEU follows the opinion of AG Hogan in this case. Read more

EU Money Laundering

AML Package IV: EU Traceability of Funds Legislation to Be Extended to Crypto-Assets

5 August 2021 (updated 3 years, 9 months ago)

Thomas Wahl in Issue 3/2021

The Commission proposed a recast of Regulation 2015/847 dealing with the traceability of funds. The scope of the Regulation should be extended to transfers of crypto-assets, thus making EU legislation compliant with recommendations of the FATF. Read more

EU Money Laundering

AML Package III: 6th AML Directive Proposed

5 August 2021 (updated 3 years, 9 months ago)

Thomas Wahl in Issue 3/2021

On 20 July 2021, the Commission presented its proposal for a sixth Directive on money laundering and terrorist financing (AMLD 6), which will replace the existing Directive 2015/849. Together with the accompanied proposals on a Regulation on money laundering/terrorist financing and on the recast of Regulation 2015/847, the AMLD 6 will form the EU single rulebook on AML/CFT as announced as one of the objectives in the Action Plan of 7 May 2020. Read more

EU Money Laundering

Spotlight AML Package II: Commission Proposes AML Regulation

5 August 2021 (updated 3 years, 9 months ago)

Thomas Wahl in Issue 3/2021

According to a Commission proposal of 20 July 2021, the EU should have in place a Regulation on the prevention of money laundering and terrorist financing. The Regulation will include stricter, more uniform and directly applicable EU rules on money laundering. It will form part of the EU's objective for EU single AML/CFT rulebook. Read more

EU Money Laundering

Spotlight AML Package I: Creation of an EU AML Authority

5 August 2021 (updated 3 years, 9 months ago)

Thomas Wahl in Issue 3/2021

At the heart of the legislative proposal to overhaul the EU’s AML/CFT rules as presented on 20 July 2021 is the creation of a new EU authority which will be tasked with AML/CFT supervision in the EU and support of EU Financial Intelligence Units (FIUs). The EU AML Authority (AMLA) is designed to become the centrepiece of an integrated system of national AML/CFT supervisory authorities. Read more

EU Money Laundering

Commission Presents AML/CFT Reform Proposals

5 August 2021 (updated 3 years, 9 months ago)

Thomas Wahl in Issue 3/2021

On 20 July 2021, the Commission presented an ambitious package of legislative proposals that are designed to overhaul the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The package includes the creation of a new EU AML/CFT authority, an EU single rulebook for AML/CFT, and the full application of the EU AML/CFT rules to crypto-currencies. Read more

EU Money Laundering

MONEYVAL: Annual Report for 2020

8 July 2021 (updated 5 years, 2 months ago)

Dr. András Csúri

On 4 June 2021, MONEYVAL published its annual report for 2020. Although the pandemic has had an impact on MONEYVAL’s work, the body sought to ensure continuity in the evaluation process. Last year, MONEYVAL played a pioneering role in carrying out evaluations by using … Read more

Council of Europe Money Laundering

PACE Resolution on Financial Intelligence Units

8 July 2021

Dr. András Csúri

The Parliamentary Assembly of the Council of Europe (PACE) adopted Resolution 2365 (2021) and the accompanying Recommendation 2195 (2021), which carries the title “Urgent need to strengthen financial intelligence units – Sharper tools needed to improve confiscation of illegal assets.” The documents aim to … Read more

Council of Europe Money Laundering

Spotlight ECA: EU Poorly Addresses Money Laundering and Terrorist Financing

7 July 2021

Thomas Wahl

The EU’s response to money laundering (ML) and terrorist financing (TF) is fragmented at the institutional level and poorly coordinated if it came to actions to prevent ML/TF and to follow-up identified risks. The EU oversight framework is insufficient to ensure a level playing field. These are the overall conclusions of the European Court of Auditors (ECA) in its Special Report 13/2021. Read more

EU Money Laundering

AG: Union Law Allows Punishment of Self-Laundering

20 March 2021 (updated 4 years, 11 months ago)

Thomas Wahl in Issue 1/2021

Advocate General Hogan held that Union law does not preclude the interpretation of a national provision which criminalises so-called self-money laundering. He is of the opinion that neither the wording of the said provision of Directive 2005/60 nor the objective of the Directive exclude the criminalisation of self-laundering. Read more

Money Laundering

Commission: Germany, Portugal, and Romania Failed to Correctly Transpose 4th AMLD

20 March 2021 (updated 5 years, 5 months ago)

Thomas Wahl

In February 2021, the Commission formally initiated infringement procedures against Germany, Portugal, and Romania for having incorrectly transposed the 4th Anti-Money Laundering Directive (Directive (EU) 2015/849). As an initial step, the Commission sent a letter of formal notice requesting further information to … Read more

EU Money Laundering Protection of Financial Interests

EDPB Statement on EU’s Recent AML/CFT Action Plan

20 January 2021

Thomas Wahl

On 15 December 2020, the European Data Protection Board (EDPB) called on the European legislator to review the relationship between the anti-money laundering measures and the rights to privacy and data protection when it prepares new legal framework in the area of money laundering and … Read more

EU Money Laundering

MONEYVAL: Fifth Round Evaluation Report on Georgia

14 January 2021

Dr. András Csúri

On 2 November 2020, Moneyval presented its fifth round evaluation report on Georgia. However, there are deficiencies in the identification, in-depth analysis, and understanding of some specific threats, vulnerabilities, and risks, e.g.: The use of cash in the economy; The real estate sector;Trade-based ML/TF … Read more

Council of Europe Money Laundering