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European Union › Money Laundering › AML/CFT

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
The Volkov Law Group

European Council Officially Adopts New AML/CFT Package

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On May 30, 2024, following passage by the European Parliament in late April, the European Council officially adopted a set of rules that modernizes and harmonizes money laundering and terrorist financing (“AML/CFT”)...more

Morrison & Foerster LLP

New Sheriff in Town: Frankfurt to Host EU’s New Agency Against Dirty Money

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On February 22, 2024, Frankfurt won the joint vote to host EU’s central enforcer in the fight against financial crime. The new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) will...more

Mayer Brown

EU Institutions Reach Political Agreements On Anti-Money Laundering and Countering the Financing of Terrorism Package

Mayer Brown on

On January 17, 2024, the Council of the European Union (Council) and the European Parliament (Parliament) announced that a political agreement had been reached on (i) a new Regulation setting forth a single anti-money...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Cayman Moves Closer to a List-Free Summer!

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The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The...more

White & Case LLP

The Economic Impact of FATF Grey-Listing

White & Case LLP on

The Financial Action Task Force ("FATF") is the global standard-setter on anti-money laundering ("AML"), countering terrorist financing ("CFT") and counter proliferation financing. FATF's standards, also referred to as...more

Walkers

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring - Update

Walkers on

Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 27 October 2023, the FATF has announced that the Cayman Islands has been removed from the FATF's list of "jurisdictions under...more

A&O Shearman

Further efforts are expected from payment institutions for the effective management of money laundering and terrorist financing...

A&O Shearman on

On 16 June 2023, the European Banking Authority (EBA) published a report on the money laundering and terrorist financing (ML/TF) risks associated with payment institutions (PIs) in the EU, based on a risk assessment exercise...more

Cadwalader, Wickersham & Taft LLP

EU AML List Will Add The Cayman Islands

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On February 21, 2022, Commission Delegated Regulation was published in the Official Journal of the European Union which will add the Cayman Islands to the list of countries that have been identified by the European Commission...more

K2 Integrity

Implications of Mounting Legal and Regulatory Scrutiny on Binance

K2 Integrity on

Binance Holdings Limited (Binance), the world’s largest cryptocurrency exchange platform by trading volume, is facing growing legal and regulatory scrutiny across many jurisdictions, signaling increasing pressure on the...more

Ballard Spahr LLP

European Union Round-Up:  A Summer of AML Enforcement and Compliance Proposals

Ballard Spahr LLP on

European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule - European Banking Authority Offers New Guidelines on AML Compliance Officers - Just as the United States has expanded...more

Hogan Lovells

Financial institutions general regulatory news, April 2021

Hogan Lovells on

UK-EU MoU on regulatory cooperation in financial services - HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more

WilmerHale

‘Closing the door on dirty money’: the European Commission’s Anti–Money Laundering Action Plan

WilmerHale on

On 7 May 2020, the European Commission (Commission) issued a comprehensive and ambitious Action Plan and public consultation designed to strengthen the European Union's (EU) legal framework to fight against money laundering...more

King & Spalding

Key Developments Coming Out of FATF’s Plenary Meeting

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The Financial Action Task Force (“FATF”) held its 31st plenary meeting during February 19-21, 2020. Among other things, the FATF classified Iran as a “high-risk jurisdiction” and called for certain countermeasures to be...more

A&O Shearman

UK Secondary Legislation Published Implementing EU Fifth Money Laundering Directive

A&O Shearman on

The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have been published, amending the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The...more

Orrick, Herrington & Sutcliffe LLP

The implementation of the Fifth Anti Money Laundering Directive in German Law – Tighten the tight?

Orrick, Herrington & Sutcliffe LLP on

In the course of the “Panama Paper” scandal, Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing – known as 4. Anti-Money Laundering...more

A&O Shearman

European Supervisory Authorities Publish Opinion on AML/CTF Risks in EU Financial Sector

A&O Shearman on

The European Supervisory Authorities have published a joint opinion on the current anti-money laundering and counter-terrorist financing risks posed to the EU financial sector. The opinion is published in accordance with the...more

Ballard Spahr LLP

The EU’s Efforts to Combat Money Laundering, the Financing of Terrorism and Corruption Seem to Overlook a Very American Approach:...

Ballard Spahr LLP on

The European Union (“EU”) recently has grappled with a series of massive money laundering scandals and strategized about how to more effectively combat international money laundering and corruption. Generally, the EU has...more

Jones Day

German Government Implements Stricter Anti-Money Laundering Rules for Real Estate Sector - Changes to the German anti-money...

Jones Day on

Money laundering risks in the real estate sector have moved increasingly into focus in recent years. The German Government is about to implement stricter anti-money laundering rules following the enactment of the Fourth Money...more

Ballard Spahr LLP

Europe Increasingly Views United States as Faltering in Fight Against Money Laundering

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As we have blogged, the United States – despite its self-perception as a global financial cop and “good guy” – is often regarded by the world as a haven for money laundering and tax evasion....more

Jones Day

EU Council Releases Anti-Money Laundering Action Plan

Jones Day on

The Situation: In response to recent cases of money laundering in European banks, the European Union has released an action plan to reinforce its recently proposed anti-money laundering ("AML") and Countering Financing of...more

A&O Shearman

EU Consultation on Proposed Draft Technical Standards on Central Contact Points for AML and CFT Purposes

A&O Shearman on

The Joint Committee of the European Supervisory Committee launched a consultation on proposed Regulatory Technical Standards on the criteria for when a central contact point is appropriate and the functions of the central...more

Ballard Spahr LLP

AML Rules for Payment Industry Proposed by European Union Regulators

Ballard Spahr LLP on

The Joint Committee of the European Supervisory Authorities (ESA) issued on February 10, 2017 draft rules regarding certain anti-money laundering (AML) and counter-terrorism steps for Member States of the European Union (EU)....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...more

Katten Muchin Rosenman LLP

European Supervisory Authorities Consult on AML-CFT Guidelines

Katten Muchin Rosenman LLP on

On October 21, the joint committee of the three European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

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