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Spotlight Commission Brings AML Regulation Into Play 
10 September 2019
Thomas Wahl Thomas Wahl
On 24 July 2019, the Commission published a report on recent alleged money laundering cases involving EU credit institutions (COM(2019) 373 final). This report is the Commission’s response to requests from the European Parliament and the Council to carry out a thorough review of whether there are structural flaws in the regulatory and supervisory framework. Read more
EU Money Laundering
2019 Risk Assessment Report on Money Laundering 
10 September 2019
Thomas Wahl Thomas Wahl
The Supranational Risk Assessment (SNRA) report of 24 July 2019 systematically analyses the money laundering or terrorist financing risks of specific products and services. It focuses on vulnerabilities identified at the EU level, both in terms of legal framework and in terms of effective application, and provides recommendations for addressing them. Read more
EU Money Laundering
Spotlight Commission: Better Implementation of the EU’s AML Framework Needed 
10 September 2019
Thomas Wahl Thomas Wahl
On 24 July 2019, the Commission published a Communication and four reports that assess the risks of money laundering and the implementation of the EU’s anti-money laundering/countering terrorist financing (AML/CFT) framework. The package is designed to support European and national bodies so that they may better counter the risks of money laundering. Read more
EU Money Laundering
Report
Report on the HERCULE III Project “Criminal law protection of the financial interests of the EU” of the University of Miskolc, Faculty of Law 
6 September 2019 (updated 7 years ago)
Prof. Dr. Ákos Farkas Prof. Dr. Ákos Farkas / Dr. habil. Judit Jacsó Dr. habil. Judit Jacsó / Dr. Bence Udvarhelyi Dr. Bence Udvarhelyi in Issue 2/2019
The general objective of the project was to protect the EU's financial interests and to prevent and combat fraud, corruption, and other illicit activities. In this context, the project focused on new practical challenges, e.g. cybercrime. One of the main events was the Winter Academy “Current questions and answers relating to the criminal law protection of the financial interests of the European Union” from 14–16 February 2019 at the Hungarian Judicial Academy. Read more
EU Corruption Cybercrime Money Laundering Protection of Financial Interests
Strengthening European Supervision on Anti-Money Laundering – EP and Council Agree 
17 June 2019
Thomas Wahl Thomas Wahl
In March 2019, the European Parliament and the Council reached a provisional agreement on the reform of European rules that aim to strengthen the mandates, governance, and financing of the European Supervisory Authorities (ESAs)by giving them. The reform will give the ESAsgreater responsibility for ensuring … Read more
EU Money Laundering
Directive on Better Law Enforcement Access to Financial Information on Way 
17 June 2019
Thomas Wahl Thomas Wahl
The Council and European Parliament went ahead with the Commission’s proposal for a directive laying down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences and repealing Council Decision 2000/642/JHA (COM(2018) 213, eucrim 1/2018, … Read more
EU Money Laundering
MONEYVAL: Fifth Round Evaluation Report on the Czech Republic 
31 May 2019
Dr. András Csúri Dr. András Csúri
On 11 February 2019, MONEYVAL published its fifth round evaluation report on the Czech Republic. The report acknowledges the accuracy of the risk assessments by Czech authorities. Correspondingly, ML occurs mostly in conjunction with tax crimes, fraud, corruption, phishing, and subvention fraud. The probability of FT occurring remains low. Read more
Council of Europe Money Laundering
MONEYVAL: Fifth Round Evaluation Report on Lithuania 
30 May 2019
Dr. András Csúri Dr. András Csúri
On 8 February 2019, MONEYVAL published its fifth round evaluation report on Lithuania. As regards national risk assessment, Lithuania faces a number of ML threats, mainly from corruption, the shadow economy, organised crime, and the widespread use of cash. Concrete results are apparent in reducing the shadow economy, but further efforts are needed, especially in the investigation and prosecution of ML and AML/CFT supervision. Read more
Council of Europe Money Laundering
New Infringements Proceedings for Incorrect Transposition of 4th AML Directive 
19 April 2019
Thomas Wahl Thomas Wahl
In January 2019, the Commission launched and went ahead with further infringement proceedings against EU Member States for not having correctly transposed the fourth Anti-Money-Laundering Directive. The infringement proceedings are in different stages. They concern Germany, Belgium, Finland, France, Lithuania, Portugal, Bulgaria, Cyprus, Poland, and … Read more
EU Money Laundering
Council Opposes Commission’s AML Blacklisting of Third Countries 
19 April 2019
Thomas Wahl Thomas Wahl
At the meeting of 7 March 2019, the JHA Council unanimously rejected a list of 23 “high-risk third countries”in the area of money laundering and terrorist financing. The list was put forward by the Commissionon 13 February 2019. The list aims to protect … Read more
EU Money Laundering
Council: Anti-Money Laundering Action Plan 
18 February 2019
Thomas Wahl Thomas Wahl
At its meeting of 4 December 2018, the ECOFIN Council adopted conclusions on an Anti-Money Laundering Action Plan. The ministers welcomed the progress made in preventing and combating money laundering in recent years, but call for further improvements, in particular as regards the (cross-border) exchange of information and collaboration between prudential and anti-money laundering supervisory authorities. Read more
EU Money Laundering
MONEYVAL: Fifth Round Evaluation Report on Albania 
18 February 2019
Dr. András Csúri Dr. András Csúri
On 17 December 2018, MONEYVAL published its fifth-round evaluation report on Albania. The report calls on the Albanian authorities to step up their efforts in pursuing launderers, when confiscating assets connected to significant proceeds-generating offences and in tackling terrorist financing risks. Read more
Council of Europe Money Laundering
MONEYVAL: AML/CFT Report on Israel Triggers the Country’s Membership to the FATF 
18 February 2019
Dr. András Csúri Dr. András Csúri
On 10 December 2018, FATF and MONEYVAL published a mutual assessment report on Israel’s anti-money laundering and counter-terrorist financing (AML/CFT) system, the effectiveness of measures in place, and their level of compliance with FATF Recommendations. Read more
Council of Europe Money Laundering
Commission Urges Maltese Watchdog to Comply with EU’s AML Rules 
16 January 2019
Thomas Wahl Thomas Wahl
On 8 November 2018, the Commission sent a formal opinion to the Maltese anti-money laundering supervisor (Financial Intelligence Analysis Unit − FIAU), in which it calls for compliance with the obligations under the 4th Anti-Money Laundering (AML) Directive. Read more
EU Money Laundering
Further Infringement Proceedings for Non-Transposition of 4th AML Directive 
16 January 2019
Thomas Wahl Thomas Wahl
The Commission is going ahead with infringement proceedings against Member States for not completely implementing the 4th Anti-Money Laundering (AML) Directive Read more
EU Money Laundering
New Regulation on Cash Controls 
16 January 2019
Thomas Wahl Thomas Wahl
On 12 November 2018, Regulation (EU) 2018/1672 was published in the Official Journal of the EU (O.J. L 284/6). The Regulation introduces new rules for controls on cash entering or leaving the Union. It repeals Regulation (EC) No 1889/2005, which laid down the existing harmonized rules for the control of cash flow at the EU’s external borders and which has applied since 15 June 2007. Read more
EU Money Laundering