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Topic: Money laundering

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Council of EU publishes text of political agreement on proposed AMLA Regulation, AML Regulation and 6MLD

On 14 February 2024, William van de Voorde, Chair of the Permanent Representatives Committee of the Council of the EU wrote a letter to the European Parliament’s Chair of the Committee on Economic and Monetary Affairs, which states that the Permanent Representatives Committee have reached agreement, except for one item, on the final compromise text … Continue Reading

Published in the OJ – Delegated Regulation on the establishment of the EBA’s AML and CFT central database

On 16 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/595 of 9 November 2023 supplementing Regulation (EU) No 1093/2010 with regard to regulatory technical standards (RTS) specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the … Continue Reading

Council of the EU – final compromise texts – proposed AML Regulation and 6MLD

On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation, repealing Directive (EU) 2015/849 and proposing mechanisms to be put in place by the Member States on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The … Continue Reading

Council of the EU and European Parliament strike deal on stricter AML rules

On 17 January 2024, the European Parliament and Council of the EU (Council) reached a provisional agreement on parts of the anti-money laundering (AML) package that aims to protect EU citizens and the EU’s financial system against money laundering (ML) and terrorist financing (TF). Under the new package, all rules applying to the private sector … Continue Reading

EBA extends guidelines on ML/TF risk factors to crypto-asset service providers

On 16 January 2024, the European Banking Authority (EBA) released a final report containing guidelines which amend its existing guidelines on money laundering / terrorist financing (ML/TF) risk factors so that they extend to crypto-asset service providers (CASPs). The guidelines will provide a common understanding of ML/TF risks associated with CASPs and the steps CASPs … Continue Reading

Anti-money laundering: Council and Parliament agree on procedure to select seat for new authority

On 18 December 2023, the Council of the EU issued a press release stating that it had reached a common understanding on the process for selecting the seat of the future European authority for countering money laundering and terrorist financing (AMLA). The co-legislators have agreed on the principle of organising joint public hearings to allow … Continue Reading

Commission Delegated Regulation (EU) of 12.12.2023 amending Delegated Regulation (EU) 2016/1675 as regards the deletion of the Cayman Islands and Jordan from the table in point I of the Annex

On 13 December 2023, the European Commission (Commission) published Commission Delegated Regulation (EU) of 12.12.2023 amending Delegated Regulation (EU) 2016/1675 as regards the deletion of the Cayman Islands and Jordan from the table in point I of the Annex. Delegated Regulation 2016/1675 is provided for under the Fourth Money Laundering Directive (4MLD) and identifies in … Continue Reading

Council and European Parliament agree to create new money laundering watchdog

On 13 December 2023, the Council of the EU announced that it had reached provisional agreement with the European Parliament as regards a proposed Regulation establishing a new EU anti-money laundering authority (AMLA). On 20 July 2021, the European Commission issued legislative proposals designed to strengthen the EU’s rules on anti-money laundering and countering the … Continue Reading

EBA issues guidance to AML/CFT supervisors of CASPs

On 27 November 2023, the European Banking Authority (EBA) published a final report containing updated guidelines on risk-based supervision. The guidelines have been amended so that they extend to anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors of crypto-asset service providers (CASPs) as defined in the Regulation on markets in crypto-assets (MiCA). Article … Continue Reading

EBA consults on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes

On 24 November 2023, the European Banking Authority (EBA) issued a public consultation on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes. Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets recasts Regulation (EU) 2015/847 and extends its scope to the … Continue Reading

FATF updates best practices on combating the abuse of NPOs

On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation of risk-based measures. For … Continue Reading

European Commission publishes Commission Delegated Regulation with regard to RTS specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and dissemination of the information contained in the AML/CFT central database

On 9 November 2023, the European Commission published Commission Delegated Regulation of 9 November 2023 supplementing Regulation (EU) No 1093/2010 of the European Parliament and of the Council with regard to regulatory technical standards specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and … Continue Reading

FATF report on crowdfunding for terrorism financing

On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing. The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding activities on … Continue Reading

FSB publishes IMF-FSB synthesis paper: Policies for crypto-assets

On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets. The report synthesises the IMF’s and FSB’s policy recommendations and standards. The report illustrates macroeconomic and financial stability implications of crypto-asset activities, how they may interact, and how the IMF and … Continue Reading

European Commission adopts Delegated Regulation adding Cameroon and Vietnam to the list of high-risk third countries

On 22 August 2023, the European Commission adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to add Cameroon and Vietnam to the list of high-risk third countries. Article 9(2) of the Fourth Money Laundering Directive (Directive (EU) 2015/849) (MLD4) empowers the Commission to adopt delegated acts to identify ‘high-risk’ third country jurisdictions, which … Continue Reading

EBA report on the functioning of AML/CFT colleges in 2022

On 10 August 2023, the European Banking Authority (EBA) published a report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges in 2022. The EBA has been monitoring AML/CFT colleges since their inception and has published previous AML/CFT colleges monitoring reports in 2021 and 2022. Through 2022, EBA staff actively … Continue Reading

EBA publishes fourth opinion on money laundering and terrorist financing risks across the EU

On 13 July 2023, the European Banking Authority (EBA) published its fourth opinion on money laundering  and terrorist financing (ML/TF) risks across the EU. The opinion is addressed to the European co-legislators and Member State competent authorities (NCAs) responsible for anti-money laundering and countering the financing of terrorism (AML/CFT). It is based on data from … Continue Reading

EBA report on NCAs’ approaches to AML/CFT supervision of banks

On 11 July 2023, the European Banking Authority (EBA) published a report which summarises the findings from the third round of anti-money laundering / countering the financing of terrorism (AML/CFT) implementation reviews. In 2018, the EBA decided to review the effectiveness of Member State competent authorities’ (NCAs) approaches to the AML/CFT supervision of banks, and … Continue Reading

FATF consults on the revision of Recommendation 8 and its interpretive note

On 30 June 2023, the Financial Action Task Force (FATF) launched a public consultation on the revision of Recommendation 8 and its interpretive note. The FATF is considering proposals for draft amendment text to Recommendation 8 of the FATF Standards and its interpretive note (R.8/INR.8), which aims to protect non-profit organisations (NPOs) from potential terrorist … Continue Reading

Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers

On 27 June 2023, the Financial Action Task Force (FATF) published a report, Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers. In October 2018, the FATF updated Recommendation 15 (R.15) to extend anti-money laundering / countering the financing of terrorism (AML/CFT) requirements to virtual assets (VAs) and … Continue Reading

Published in the OJ: Commission Delegated Regulation 2023/1219 adding Nigeria and South Africa and removing Cambodia and Morocco

On 26 June 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/1219 of 17 May 2023 amending Delegated Regulation (EU) 2016/1675 as regards adding Nigeria and South Africa to the table in point I of the Annex and deleting Cambodia and Morocco from that table. The … Continue Reading

FATF publishes plenary outcomes

On 26 June 2023, the Financial Action Task Force (FATF) published the outcomes from the FATF Plenary, which took place on 21-23 June 2023. Delegates from over 200 jurisdictions of the Global Network and observers from international organisations participated in these discussions at the FATF headquarters in Paris. The outcomes of the discussions included the … Continue Reading

EBA report on ML/TF risks associated with EU payment institutions

On 16 June 2023, the European Banking Authority (EBA) published a report on the money laundering and terrorist financing (ML/TF) risks associated with EU payment institutions. Payment institutions are obliged entities under the Fourth Money Laundering Directive which means that they are subject to the same anti-money laundering / countering the financing of terrorism (AML/CFT) … Continue Reading

Political agreement on draft Directive on the access of competent authorities to centralised bank account registries through the single access point

On 6 June 2023, the European Commission issued a press release welcoming political agreement on the proposal for a Directive on the access of competent authorities to centralised bank account registries through the single access point. The draft Directive complements the Anti-Money Laundering Directive, which establishes the interconnection of bank account registers, by providing law … Continue Reading
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