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Commission Tables Measures to Enhance AML/CFT 
3 August 2020
Thomas Wahl Thomas Wahl
Following its roadmap “towards a new comprehensive approach to preventing and combating money laundering and terrorism financing” of February 2020 (see separate news item), the European Commission put forward a series of further measures on 7 May 2020. They are designed to step up … Read more
EU Money Laundering
OLAF Supports Detection of Money Laundering Scheme in Romania and Belgium 
27 July 2020
Thomas Wahl Thomas Wahl
OLAF successfully concluded investigations into a complex money laundering scheme in Romania and Belgium. Several persons came under judicial control for corruption and money laundering offences. More than €600,000 from EU money was transferred to private bank accounts Read more
EU OLAF Money Laundering Protection of Financial Interests
Moneyval: Fifth Round Evaluation Report on Gibraltar 
22 June 2020
Dr. András Csúri Dr. András Csúri
On 12 February 2020, Moneyval published its fifth round evaluation report on the British Overseas Territory of Gibraltar. MONEYVAL calls on the authorities of Gibraltar to better use the tools and mechanisms they have in place to combat ML and FT.The financial sector in … Read more
EU Money Laundering
Moneyval: Fifth Round Evaluation Report on Cyprus 
22 June 2020
Dr. András Csúri Dr. András Csúri
On 12 February 2020, MONEYVAL published its fifth round evaluation report on the effectiveness of the Cypriot anti-money laundering (AML) and countering the financing of terrorism (CFT) regime and its level of compliance with FATF Recommendations. MONEYVAL calls on the Cypriot authorities to take a … Read more
EU Money Laundering
Infringement Procedures for Non-Transposition of 5th AML Directive 
26 April 2020
Thomas Wahl Thomas Wahl
On 12 February 2020, the Commission started infringement proceedings against eight Member States for not having transposed the 5th Anti-Money Laundering Directive (Directive (EU) 2018/843; see also eucrim 2/2018, pp. 93-94). The Commission sent letters of formal notice to Cyprus, Hungary, the … Read more
EU Money Laundering
Commission Roadmap on Future AML/CFT Actions 
26 April 2020
Thomas Wahl Thomas Wahl
On 12 February 2020, the Commission published the roadmap “towards a new comprehensive approach to preventing and combating money laundering and terrorism financing.” The roadmap launched a public consultation on possible ways to overhaul current EU AML/CFT legislation. It follows the AML package presented by … Read more
EU Money Laundering
EBA Report on Performance of AML/CFT Banking Supervision 
26 April 2020 (updated 4 years, 5 months ago)
Thomas Wahl Thomas Wahl in Issue 1/2020
Authorities still face challenges in the AML/CFT supervision of banks. Measures to correct deficiencies in banks’ anti-money laundering and countering the financing of terrorism (AML/CFT) systems and controls should be more dissuasive. These are one of the main conclusions of the European Banking Authority’s (EBA) … Read more
EU Money Laundering
Council Frames Future EU AML/CFT Policy 
18 February 2020
Thomas Wahl Thomas Wahl
The ECOFIN Council adopted conclusions on strategic priorities on anti-money laundering and countering the financing of terrorism at its meeting on 5 December 2019 in Brussels. The conclusions are a direct response to the new – more general – strategic agenda for 2019-2024, in which … Read more
EU Money Laundering
Evaluation of Russia’s AML/CFT System 
17 February 2020
Dr. András Csúri Dr. András Csúri
On 17 December 2019, the Financial Action Task Force (FATF), the Eurasian Group, and MONEYVAL published a mutual evaluation report on Russia’s anti-money laundering (AML) and countering the financing of terrorism (CFT) system. The report comprehensively assesses the effectiveness of Russia’s AML/CFT measures and its … Read more
Council of Europe Money Laundering
Spotlight ESAs Concerned about ML/TF Monitoring and Reporting 
12 January 2020 (updated 6 years, 8 months ago)
Thomas Wahl Thomas Wahl
On 4 October 2019, the European Supervisory Authorities (ESAs) published their second joint opinion on the risks of money laundering (ML) and terrorist financing (TF) affecting the European Union’s (EU) financial sector. The opinion is based on Art. 6(5) of Directive (EU) 2015/849, the … Read more
EU Money Laundering Protection of Financial Interests
MEPs Concerned about Member States’ Implementation of EU’s AML Legislation 
12 January 2020 (updated 6 years, 8 months ago)
Thomas Wahl Thomas Wahl
On 19 September 2019, MEPs adopted a resolution on the state of implementation of the Union’s anti-money laundering legislation. MEPs expressed serious concerns about the lack of implementation of the 4th AML Directive by a large number of Member States and about the fact … Read more
EU Money Laundering
MONEYVAL: Annual Report 2018 
11 January 2020
Dr. András Csúri Dr. András Csúri
On 25 September 2019, MONEYVAL published its annual report for 2018. In 2018, MONEYVAL actively monitored 24 countries and territories through the adoption of altogether 26 mutual evaluation and follow-up reports. Additionally, MONEYVAL organized workshops to promote the exchange of experiences among experts and … Read more
EU Money Laundering
MONEYVAL: Fifth Round Evaluation Report on Moldova 
11 January 2020
Dr. András Csúri Dr. András Csúri
On 11 September 2019, MONEYVAL published its Fifth Round Mutual Evaluation Report on the Republic of Moldova. The fifth evaluation round builds on previous MONEYVAL assessments and provides a comprehensive assessment of the effectiveness of measures in place for anti-money laundering (AML) and countering the … Read more
EU Money Laundering
Spotlight New Directive on Law Enforcement Access to Financial Information 
10 September 2019
Thomas Wahl Thomas Wahl
The European Parliament and the Council adopted new legislation that improves the access of law enforcement authorities to financial information. Read more
EU Money Laundering
Commission Prepares Interconnection of Central Bank Account Registries 
10 September 2019
Thomas Wahl Thomas Wahl
In parallel with other reports in the area of anti-money laundering, on 24 July 2019, the Commission published a report on the interconnection of national centralised automated mechanisms (central registries or central electronic data retrieval systems) of the Member States on bank accounts (COM(2019) 372 final). Read more
EU Money Laundering
Commission: Need for Reinforced FIU Cooperation 
10 September 2019
Thomas Wahl Thomas Wahl
In a series of anti-money laundering reports (all published on 24 July 2019), the Commission assessed the framework for cooperation between Financial Intelligence Units (FIUs).The Commission concludes that cooperation has improved greatly over the past few years. However, several shortcomings remain. Read more
EU Money Laundering