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Commission Sets Out Plans for Better Supervision in Fight Against Money Laundering
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
Thomas Wahl
EU
Money Laundering
Commission Proposes New Anti-Money Laundering Supervision Mechanism
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
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
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
Commission Registers European Citizens' Initiative “Stop fraud and abuse of EU funds”
On 19 September 2019, the College of Commissioners gave green light for registering of a European Citizens’ Initiative, entitled “STOP FRAUD and abuse of EU FUNDS − by better control of decisions, implementation and penalties.” Read more
EU
Protection of Financial Interests
Commission Plans to Spend €181 Million on Anti-Fraud from 2021-2027
On 30 May 2018, the Commission proposed the new EU Anti-Fraud Programme. It will replace the current Hercule III Programme which expires in 2020. The new EU Programme is expected to run from 2021 until 2027, which is the next long-term EU budget cycle. Read more
EU
Protection of Financial Interests
ECA Criticizes Commission Plans on Loss of EU Money if Rule of Law is not Respected
In its Opinion 1/2018 of 12 July 2018, the European Court of Auditors (ECA) assessed the Commission’s plans to link the future multiannual financial framework with a EU Member State’s respect for the rule of law. Read more
EU
Rule of Law
Protection of Financial Interests
New Rules on Administrative Cooperation to Improve Fight Against VAT Fraud
On 21 September 2018, the legislative procedure on a “Council Regulation amending Regulations (EU) No 904/2010 and (EU) 2017/2454 as regards measures to strengthen administrative cooperation in the field of value added tax” was finalized. Read more
EU
Protection of Financial Interests
Spotlight COM Communication Extending EPPO Competence
On 12 September 2018, the European Commission tabled a proposal to extend the competences of the European Public Prosecutor’s Office to include terrorist offences affecting more than one EU Member State (COM (2018) 641 final). Read more
EU
European Public Prosectutor's Office (EPPO)
Implementation Measures for EPPO Regulation
The Commission initiated several measures implementing the Regulation on the European Public Prosecutor’s Office. The Commission is responsible for the establishment and initial administrative operation of the EPPO until the new office has sufficient capacity to implement its own budget. Read more
EU
European Public Prosectutor's Office (EPPO)
Updated EPPO Fact Sheet
On 7 August 2018, the European Commission published an updated fact sheetof “Frequently Asked Questions” on the European Public Prosecutor’s Office. The fact sheet provides answers to numerous questions regarding the key features, structure, and work of the new EU body, which is slated … Read more
EU
European Public Prosectutor's Office (EPPO)
European Public Prosecutor’s Office Netherlands and Malta Join EPPO
On 1 and 7 August 2018, the Commission gave its approval for the Netherlands and Malta to join the European Public Prosecutor’s Office (EPPO). Read more
EU
European Public Prosectutor's Office (EPPO)
Practice: Operation Silver Axe III
On 11 July 2018, OLAF reported on a major victory in EU law enforcement cooperation: dismantling the smuggling of illegal and counterfeit pesticides in the EU. Read more
EU
OLAF
Practice: Successful Cooperation Between OLAF and U.A.E.
On 12 July 2018, OLAF reported that a joint inspection with Dubai customs led to the seizure of a total of 82 tons of counterfeit steel pipes in the port of Dubai, United Arab Emirates. Read more
EU
OLAF
OLAF’s New Director-General
On 20 June 2018, the Commission appointed Ville Itälä from Finland as new Director-General of OLAF. He took office on 1 August 2018. Mr. Itälä is the successor to Giovanni Kesslerfrom Italy who was appointed the head of the Italian Customs and Monopoly Agency. Read more
EU
OLAF
EP Sees Functioning of Schengen Area Critically
The resolution points out the progresses made in strengthening the Schengen area over the last several years: The creation of the European Border and Coast Guard; The introduction of mandatory, systematic checks against relevant databases at the external borders on entry and exit for third-country nationals and for EU nationals; The new entry and exit registration system. Read more
EU
Schengen