On 24 March 2020, the Dutch Minister of Finance (the Minister) sent the Further Memorandum of Reply (nadere memorie van antwoord) with regard to the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) to the Dutch Senate. In the Further Memorandum of Reply the Minister answers a number of … Continue Reading
The European Commission intends to propose a number of far-reaching measures in order to increase the EU’s efforts to combat money laundering and terrorist financing. After the deadline for Member States to transpose the Fifth Anti-Money Laundering Directive (5MLD)) into national law on 10 January 2020, the Commission is due to publish a new Action … Continue Reading
As set out in our recent blog post on the status of the three legislative proposals implementing the Fifth Anti-Money Laundering Directive (Vijfde anti-witwasrichtlijn, 5MLD) in the Netherlands, the Dutch Minister of Finance has requested the Dutch Senate (Eerste Kamer) to deal with the legislative proposals separately going forward. On 3 March 2020, the standing … Continue Reading
On 24 February 2020, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Senate (Eerste Kamer) on the three pending legislative proposals implementing the Fifth Anti-Money Laundering Directive (Vijfde anti-witwasrichtlijn, 5MLD) in the Netherlands: the Act implementing 5MLD (Implementatiewet wijziging vierde anti-witwasrichtlijn); the Act implementing the ultimate beneficial ownership (UBO) register … Continue Reading
On 5 February 2020, the European Banking Authority (EBA) published a report on competent authorities’ approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. The report summarises the findings from the first year of ongoing reviews of all competent authorities responsible for AML/CFT supervision of banks in the EU. In … Continue Reading
On 5 February 2020, the European Supervisory Authorities (ESAs) jointly published a consultation paper seeking to revise the guidelines that set out factors that firms should consider when assessing the money laundering and terrorist financing (ML / TF) risk associated with their business, and with a business relationship or an occasional transaction with any natural … Continue Reading
The Dutch Central Bank (De Nederlandsche Bank, DNB) published an updated guidance document on the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme) and the Sanctions Act 1977 (Sanctiewet 1977). The previous version of the guidance document (which was published in April 2015) no … Continue Reading
On 21 January 2020, the European Commission published the opening remarks of Executive Vice-President Valdis Dombrovskis at the ECOFIN press conference. Among other things, Mr Dombrovskis notes that by 10 January 2020, Member States should have transposed the Fifth Anti-Money Laundering Directive. However, there are concerns that some Member States have not yet transposed the … Continue Reading
An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading
On 12 December 2019, the Financial Action Task Force (FATF) published a speech by its Executive Secretary, David Lewis, at the 7th International Anti-Money Laundering and Compliance Conference. Key messages in the speech include: evaluation and follow-up processes will continue to be at the centre of what the FATF does. This year the FATF started … Continue Reading
On 8 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a seminar for crypto service providers at its offices in Amsterdam. During the seminar DNB discussed a number of topics which are relevant to the crypto service providers that will be required to register themselves with DNB by 10 January 2020 and … Continue Reading
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
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
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
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
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
On 26 September 2019, the Decree implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiebesluit wijziging vierde anti-witwasrichtlijn, the Decree) was published for public consultation. The Decree provides further details on the registration regime of virtual currency exchange platforms and custodian wallet providers that is introduced by the Act implementing 5MLD (please see our previous blog post for … Continue Reading
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
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
On 3 September 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release announcing that firms that offer services for the exchange between virtual money (cryptos) and regular money, and crypto wallet providers are expected to become subject to DNB’s integrity supervision as of 10 January 2020 as a result of the … Continue Reading
On 16 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item indicating that in the last week of August, alternative investment funds and their managers will be receiving a questionnaire in relation to anti-money laundering and sanctions risks. This questionnaire is circulated annually and the AFM … Continue Reading
On 24 July 2019, the European Commission adopted a Communication and four reports that are intended to support European and Member State competent authorities in better addressing money laundering and terrorist financing (ML / TF) risks. The Communication, Towards a better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework, provides … Continue Reading
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
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
