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This category contains 41 posts

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 […]

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 […]

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 […]

4th EU Anti-Money Laundering Directive: another reason to act promptly

On the 9th December 2014, Guardian published a letter wrote by several investigative journalists. All of them are urging the new European Commission President, Jean-Claude Juncker, to ensure that the legislative process for adopting the 4th EU AML Directive is going forward. The following is the content of their letter: As investigative journalists, we believe in […]

What’s new on the Corruption Perception Index 2014?

Last night Transparency International released the Corruption Perceptions Index 2014. At the first analysis of the data, there are not many surprises. However, it is worth noting that: Turkey and China’s rating on perceived corruption has fallen steeply (respectively from 50 to 45 points, and from 40 to 36 points); More than two thirds of […]