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The 4th EU AML Directive has been adopted
On the 20th May 2015, the EU Parliament has adopted the final proposal of the 4th EU AML Directive as a result of the compromise reached in negotiations between the Council and the European Parliament, with the support of the Commission back in April 2015. The ultimate owners of companies will have to be listed […]
The EU Council ready to adopt the 4th EU AML Directive
According to the Draft Statement of the Council’s next meeting, on 20th April 2015, the Council of European Union is to adopt the text of the 4th EU AML Directive and Regulation on Transfer of Funds at first reading. This means that we will be able to see both documents to be finally adopted by the European […]
The EU Sanctions Best Practice updated – main changes
On 24th March 2015, the Foreign Relations Counsellors Working Party , EU body dedicated to the development of best practices among Member States in implementation of restrictive measures, published an updated version of the document EU Best Practices for the effective implementation of restrictive measures, which amends the previous version published in 2008. The update document contains non exhaustive […]
What has Iran done recently to circumvent international financial sanctions?
Intelligence officials and diplomatic sources say that Iran has smuggled at least $1 billion in cash into the country to blunt the effects of Western sanctions. Multiple sources told Reuters on Tuesday that Iran’s efforts to obtain smuggled bank notes for international transactions is much bigger than previously thought. How has it been done so […]
Council of Europe advises on Lithuania corruption
On 11th Febraury 2015, the Council of Europe Anti-Corruption Group (GRECO) published a report in which the outcomes of the 4th Evaluation Round of Lithuania corruption are noted. In particular GRECO referred to the following: Acknowledgement of the comprehensive legal and institutional framework developed by Lithuania to prevent and fight corruption among members of parliament, judges […]
The 4th EU AML Directive: things seem moving smoothly
Following our previous post, it seems that the legislative process for approving the 4th EU AML Directive is moving smoothly. The Council of European Union on 10 February 2015 approved an agreement with the European Parliament on strengthened rules to prevent money laundering and terrorist financing. The directive and regulation will strengthen EU rules against money […]
Corruption, money laundering and terrorism: is there any relationship?
On 4th Febraury 2015, Transparency International(TI) published an interesting article which describes how corruption and terrorism are well interconnected. This is certainly not a news for insiders who have been monitoring such relation, but as TI stresses “such a link has never been clearer”. In particular, in countries where corruption is rife, problems with security […]
Money Laundering: a new method to be aware of
In a recent article published by Lauren Connell, Managing Associate at The Volkov Law Group, Trade-Based Money Laundering (TBML) is briefly analysed. As Ms Connell pointed out, this new method is becoming increasingly exploited by money launders. For that reason, we believe to share an extract of Ms Connell’s article which reports an example of TBML and summarises […]
The 4th EU AML Directive: things moving in slow motion
On 16th January 2015, Out-Law.com reported that the presidency of the Council of Ministers wrote (2-page / 174KB PDF) to the Council’s Permanent Representatives Committee (COREPER) asking it to endorse the draft new Anti-Money Laundering Directive (91-page / 697KB PDF). The Council and European Parliament reached political consensus on the anti-money laundering reforms last month and the endorsement by COREPER is […]
Council of Europe: what are the findings after the MONEYVAL’s 46th Plenary meeting?
The Council of Europe’s anti-money laundering body MONEYVAL met in Strasbourg for its 46th plenary meeting between the 8th and the 12th of December. The picture provided by MONEVAL shows that Bosnia and Herzegovina needs to immediately and meaningfully address its remaining deficiencies in its anti-money laundering and counter terrorist financing legislation, in particular by […]
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