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Spotlight New Directive on Criminalisation of Money Laundering 
16 January 2019 (updated 4 years, 2 months ago)
Thomas Wahl Thomas Wahl in Issue 3/2018
On 12 November 2018, Directive 2018/1673 on combating money laundering by criminal law was published in the Official Journal of the EU (O.J. L 284/22). The Directive aims at closing loopholes in the definition and sanctioning of money laundering across the European Union. Furthermore, the new legal framework facilitates judicial and police cooperation to combat money laundering and terrorist financing. Read more
EU Money Laundering
Commission Sets Out Plans for Better Supervision in Fight Against Money Laundering 
20 October 2018
Thomas Wahl Thomas Wahl
On 12 September 2018, the Commission presented a Communication entitled: “Strengthening the Union framework for prudential and anti-money laundering supervision for financial institutions.” The Commission outlines the next legislative and non-legislative steps to further enhance the supervision of financial institutions in the Union for purposes of combating money laundering and terrorist financing. Read more
EU Money Laundering
Commission Proposes New Anti-Money Laundering Supervision Mechanism 
20 October 2018
Thomas Wahl Thomas Wahl
On 12 September 2018, the Commission tabled a legislative proposal to amend existing EU rules on the supervision of banks and financial institutions to better address risks of money laundering and terrorist financing (COM(2018) 646 final). Read more
EU Money Laundering
Spotlight 5th Anti-Money Laundering Directive 
20 October 2018 (updated 7 years, 10 months ago)
Thomas Wahl Thomas Wahl
On 19 June 2018, “Directive (EU) 2018/843 of the European Parliament and of the Council amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU” was published in the Official Journal of the EU (L 156, 43). This legislative act is also referred to as the 5th Anti-Money Laundering (AML) Directive. Read more
EU Money Laundering
EU Member States Reluctant to Transpose 4th Anti-Money Laundering Directive 
20 October 2018
Thomas Wahl Thomas Wahl
On 19 July 2018, the Commission brought Greece and Romania before the EU Court of Justice for non-compliance in transposing the 4th Anti-Money Laundering Directive into their national laws. Ireland was also referred to the CJEU because it has only implemented the rules of the 4th Anti-Money Laundering Directive in a very limited way. Read more
EU Money Laundering
MONEYVAL: Fifth-Round Evaluation Report on Latvia 
20 October 2018
Dr. András Csúri Dr. András Csúri
On 23 August 2018, MONEYVAL published its fifth-round evaluation report on Latvia. This evaluation round builds on previous MONEYVAL assessments by strengthening the examination of how effectively Member States prevent and combat ML, terrorism financing (TF), and proliferation. Read more
Council of Europe Money Laundering
MONEYVAL: Annual Report for 2017 
20 October 2018
Dr. András Csúri Dr. András Csúri
On 30 May 2018, MONEYVAL published its General Activity Report for 2017. Twenty years into its establishment, MONEYVAL keeps its major focus on evaluating its members against both a set of anti-money laundering (AML) standards and Financial Action Task Force (FATF) standards for counter-terrorist financing measures (CFT). Read more
Council of Europe Money Laundering
Commission Proposes Better Access of Law Enforcement to Financial Information 
29 June 2018
Thomas Wahl Thomas Wahl
On 17 April 2018, the Commission proposed another piece of legislation that supplements the current anti-money laundering legal framework. By means of a Directive, the Commission wishes to introduce uniform EU-wide rules, so that designated law enforcement authorities of the Member States can directly access centralized national bank account registries or data retrieval systems. Read more
EU Money Laundering
Council Softens EU List of Tax Haven Countries 
6 June 2018 (updated 8 years, 4 months ago)
Thomas Wahl Thomas Wahl
At its meeting on 23 January 2018, the Economic and Financial Council removed eight jurisdictions from the EU’s list of non-cooperative countries for tax purposes. The removal ensued because of commitments at a high political level that address certain EU concerns. The eight … Read more
EU Money Laundering Tax Evasion
MEPs Disagree on Blacklisting of “High-Risk Countries” 
6 June 2018
Thomas Wahl Thomas Wahl
In mid-December 2017 − in line with its custom of following the lead of the international Financial Action Task Force (FATF) − the Commission decided to include Tunisia, Sri Lanka, and Trinidad & Tobago to its blacklist, sparking controversy within the EP. On 7 … Read more
EU Money Laundering
Trilogue Negotiations on Planned Directive to Counter Money Laundering by Means of Criminal Law 
6 June 2018
Thomas Wahl Thomas Wahl
On 17 January 2018, the European Parliament paved the way for the start of trilogue negotiations between MEPs, the Council, and the Commission as regards the legislative proposal for a directive on countering money laundering by means of criminal law. The mandate for MEPs … Read more
EU Money Laundering
New “Microfinancing” Approach to Combat Terrorist Financing 
6 June 2018
Alexander Oppers Alexander Oppers
On 1 March 2018, MEPs adopted recommendations (by 533 votes to 24, with 43 abstentions) on how to deal with terrorist financing. They were submitted to the Council, the Commission, and the Vice-President of the Commission/High Representative of the Union for Foreign Affairs and … Read more
EU Money Laundering
MONEYVAL: Fifth Round Evaluation Report on Ukraine 
6 June 2018 (updated 8 years, 3 months ago)
Dr. András Csúri Dr. András Csúri
On 30 January 2018, Moneyval published its fifth round evaluation report on Ukraine (for the accompanying press release, see here). Moneyval calls for more dissuasive sentences for the relevant crimes, more resources, and the need to investigate and prosecute high-level cases more actively.The … Read more
Council of Europe Money Laundering