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Following a review of its AML/CFT framework, the European Union is preparing to introduce a suite of new regulations that will have significant implications for firms operating in, or doing business with, EU countries.
Europe
The EU has imposed sanctions on a Russian mercenary organization accused of human rights abuses in Libya, Syria, Ukraine and the Central African Republic (CAR). The measures target the Wagner Group and eight individuals and three entities connected to it. […]
As part of Estonia’s mission to become ‘the world’s most advanced digital society’, the government established the e-Estonia program. e-Estonia was put into action in 1996 through the Tiger Leap Initiative, a roadmap to develop the country’s IT infrastructure. This […]
The EU’s banking regulator, the European Banking Authority (EBA), has announced plans to strengthen the anti-money laundering (AML) checks required for remote customer onboarding. Launching a public consultation on draft guidelines, the measures aim to tackle the problem of inconsistencies […]
The Baltic countries – Latvia, Estonia and Lithuania – have rapidly become fintech hubs, making them increasingly attractive destinations for founders launching a startup or firms expanding from other parts of Europe. However, the Baltics have a complex geopolitical history, […]
The European Commission has fined five major European banks a total of €344m as part of a long-running investigation into the foreign exchange (Forex) spot trading market. The Commission’s investigation focused on the trading of G10 currencies – the most […]
Germany has urged the US Congress not to impose sanctions on the Nord Stream 2 gas pipeline, saying that any moves against the pipeline will be in breach of a previous deal. The move follows the blockage of the annual […]
Following a Financial Action Task Force (FATF) plenary in February 2020, Mauritius was added to FATF’s list of Jurisdictions under Increased Monitoring, which is commonly referred to as the ‘grey list’. How did Mauritius find itself in this position, and […]
Swiss regulator the Financial Market Supervisory Authority (FINMA) has reprimanded two banks for breaking money laundering rules during their dealings with Venezuelan entities. Wrapping up a five-year investigation into 30 banks suspected of breaches relating to Venezuela’s state oil company […]
The European Union’s (EU) long-term goal of a pan-European anti-money laundering (AML) program, is moving closer, with the creation of a central EU authority to combat money laundering. The EU Anti-Money Laundering Authority (AMLA) will monitor, support, and coordinate the […]
The European Union’s 6th Anti-Money Laundering Directive (6AMLD) brought about four key changes that member states had to introduce into local legislation by June 3rd 2021. Broadly categorized under the themes of liability, punishment, cooperation and jurisdiction, these changes have implications for […]
More than 100 people have been arrested, many on the Spanish island of Tenerife, over allegations of money laundering, online scams, and violence. Italian and Spanish officials say the suspects made millions by tricking victims – mostly Italian nationals – […]