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China: Anti-money laundering changes for banks
On 15th September 2014, South China Morning Post published an article in which it is reported that the People’s Bank of China has begun to assign more responsibility to banks in flagging suspicious transactions. To that end, the journal’s article confirms that: …In January last year, the anti-money-laundering division of the PBOC issued a new set of […]
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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 […]
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 […]
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 […]
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 […]
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 […]
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