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Topic: Money laundering

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FATF best practices on beneficial ownership for legal persons

On 24 October 2019, the Financial Action Task Force (FATF) published a paper setting out best practices on beneficial ownership for legal persons. The paper identifies the most common challenges that countries face in ensuring that the beneficial owner(s) of legal persons is identified, and suggests key features of an effective system. The paper also … Continue Reading

FATF public statement DPRK and Iran

On 18 October 2019, the Financial Action Task Force (FATF) issued a statement concerning: Democratic People’s Republic of Korea (DPRK). The FATF reaffirms its 25 February 2011 call on its members and urges all jurisdictions to advise their financial institutions to give special attention to business relationships and transactions with the DPRK, including DPRK companies, … Continue Reading

FATF update

On 18 October 2019, the Financial Action Task Force (FATF) issued a statement confirming that as part of its mutual evaluations of its members anti-money laundering and counter terrorist financing (AML / CFT) regimes it will assess the implementation of its standards to address the money laundering and terrorist financing of virtual assets. FATF members … Continue Reading

Commission issues non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849

On 1 October 2019, the General Secretariat of the Council of the EU (the Council) published a European Commission (Commission) non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849 (the Fourth Anti-Money Laundering Directive). Following the rejection by the Council of the most recent Delegated Regulation identifying … Continue Reading

ESAs highlight money laundering and terrorist financing risks in the EU financial sector

On 4 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its second opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector. In drafting the opinion, the ESAs took into account the views expressed by Member State competent authorities (NCAs) through a questionnaire related to money … Continue Reading

MEP resolution on implementation of anti-money laundering rules

On 19 September 2019, Members of the European Parliament (MEPs) passed a resolution calling for anti-money laundering (AML) rules to be better coordinated and implemented in a timely manner. The resolution was adopted with 530 votes to 14 and 104 abstentions. The date of transposition of the Fourth Anti-Money Laundering Directive was June 2017, and … Continue Reading

EBA speech on AML and CTF powers

On 5 September 2019, the European Banking Authority (EBA) published a speech given by Jose Manuel Campa, EBA Chair, on the EBA’s current and future anti-money laundering (AML) and counter terrorist financing (CTF) powers. Mr Campa discusses the limitation of the EBA’s existing powers in relation to enforcing its standards and guidelines and to promote … Continue Reading

EBA opinion on the link between money laundering and terrorist financing concerns and prudential objectives

On 24 July 2019, the European Banking Authority (EBA) published an opinion on the link between money laundering and terrorist financing (ML / TF) concerns and prudential objectives. The opinion is addressed to prudential supervisors of Member State competent authorities. In the opinion the EBA invites prudential supervisors to communicate to institutions’ management bodies and … Continue Reading

FATF Guidance for a risk-based approach to virtual assets and virtual asset service providers

On 21 June 2019 the Financial Action Task Force (FATF) adopted its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (the Guidance). The Guidance updates the 2015 version of the guidance and accompanies the FATF’s June 2019 Interpretive Note to Recommendation 15 on New Technologies (INR 15) that clarifies … Continue Reading

FATF Recommendations updated – interpretative note on virtual assets

On 21 June 2019, the Financial Action Task Force (FATF) updated its Recommendations by adding an interpretative note to Recommendation 15 which sets out in detail the application of the FATF Standards to virtual asset activities and service providers. The interpretative note establishes binding measures relevant for both countries and virtual asset service providers (as … Continue Reading

FATF Report to G20 leaders’ summit

On 27 June 2019, the Financial Action Task Force (FATF) published its report to the G20 leaders’ summit. The report provides an overview of the FATF’s recent and future work.   The FATF’s future work includes:   a review of countries’ and providers’ implementation of the requirements applicable to virtual assets and virtual asset service … Continue Reading

Publication of the CBDDQ Capacity Building Materials

On 27 June 2019, the Wolfsberg Group has published a series of materials supporting the implementation of the Correspondent Banking Due Diligence Questionnaire (CBDDQ). The new materials include: a short video giving an overview of the CBDDQ and its development and purpose; a series of 12 videos covering each section of the CBDDQ individually and … Continue Reading

AMLD5: European Commission considers new methodology to identify high-risk third countries

Following the rejection by the Council of the European Union (“the Council”) on 07 March 2019 of a draft list of 23 high-risk countries, as proposed in February 2019 by the European Commission in accordance with Article 9 of Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes … Continue Reading

Delegated Regulation on measures to mitigate money laundering and terrorist financing risk under MLD4

On 14 May 2019, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2019/758 of 31 January 2019 supplementing Directive (EU) 2015/849 with regard to regulatory technical standards for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist … Continue Reading

FATF Report to the G20 Finance Ministers

On 8 April 2019, the Financial Action Task Force (FATF) published its April report to the G20 Finance Ministers and Central Bank Governors. The report sets out the FATF’s ongoing work to fight money laundering and terrorist financing. Key points raised by the FATF include: virtual assets pose serious money laundering and terrorist financing risks … Continue Reading

Commission adopts MLD4 Delegated Regulation on high risk third countries

On 13 February 2019, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (MLD4) by identifying high-risk third countries with strategic deficiencies. The Delegated Regulation identifies 23 high-risk third countries with strategic deficiencies in their safeguarding against money laundering and terrorist financing. The countries are listed in an annex to the … Continue Reading

Commission adopts Delegated Regulation containing RTS under MLD4

On 31 January 2019, the European Commission  adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (MLD4) with regard to regulatory technical standards (RTS) for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain third countries. The RTS … Continue Reading

Council of EU prioritising AML component of ESFS reform package

On 23 January 2019, the Council of the EU published a press release of its meeting of 22 January 2019 on economic and financial affairs. The first item of discussion listed in the press release is the European system of financial supervision (ESFS). The EU Presidency has proposed to prioritise the provisions relating to the … Continue Reading

JMLSG revisions to AML and CTF guidance

On 10 January 2019, the Joint Money Laundering Steering Group (JMLSG) published a webpage noting that certain amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 came into effect on 10 January 2019. These amendments have resulted in minor changes to the JMLSG guidance in Part I paragraphs … Continue Reading

Council of EU Decision incorporating MLD4 into EEA Agreement published in OJ

On 27 December 2018, there was published in the Official Journal of the European Union (OJ) Council Decision (EU) 2018/2059 of 29 November 2018 on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee concerning the amendment of Annex IX (Financial Services) to the EEA Agreement. Annex IX … Continue Reading

ECB opinion on amended proposal making the EBA the sole EU authority tackling money laundering

On 12 September 2018, we blogged that the European Commission had published an amended proposal on the amendment of the three Regulations founding the European Supervisory Authorities (ESAs). The amendments seek to centralise the tasks relating to the prevention and combatting of money-laundering and terrorist financing (AML/CTF) into the European Banking Authority (EBA). The amended … Continue Reading

Council of the EU outcomes on AML action plan

On 4 December 2018, the Council of the EU published a document containing the outcome of proceedings with regards the anti-money laundering (AML) action plan. In the context of money laundering, the Council: urges the swift implementation in Member States of the fourth Anti-Money Laundering Directive and invites the transposition of the fifth Anti-Money Laundering … Continue Reading

Combating Money Laundering Directive published in OJ

On 12 November 2018, there was published in the Official Journal of the EU (OJ) Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law. The Directive provides a harmonised list of 22 predicate offences, which include cybercrime, aiding and abetting, inciting and … Continue Reading

ESAs consult on guidelines for cooperation between authorities under 4AMLD

On 8 November 2018, the Joint Committee of the European Supervisory Authorities published a consultation paper on draft guidelines on cooperation and information exchange for the purposes of the Fourth Anti-Money Laundering Directive (4MLD) between competent authorities supervising credit and financial institutions. The draft guidelines set out the rules that govern the establishment and operation … Continue Reading
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