The criminal offense of money laundering (Section 261 of the German Criminal Code) was profoundly restructured by the “Act to Improve Criminal Law Combating Money Laundering” (Money Laundering Act) which came into effect on March 18th 2021. This new regulation […]
Luxembourg, labeled a tax haven following recent investigations, is taking steps toward tightening its AML systems, with new legislation aimed at sanctioning money laundering and tax evasion. While the details are still being confirmed, a new draft bill from the […]
While Turkey has been an ally to Western countries since the mid-20th century, recent geopolitical developments have created tensions with the United States (US), the United Kingdom (UK), and the European Union (EU). Turkey is a member of several global […]
Geopolitical developments in and around Ukraine, including the invasion of Crimea in 2014, have generated a significant amount of international concern in recent years. Many Western governments have responded to these developments by introducing economic sanctions against Russia and Ukraine. […]
Finland has one of the largest per capita economies in the European Union and attracts a range of foreign business interests. As a trade hub, Finland also deals with threats to its financial system as criminals seek to exploit vulnerabilities […]
On August 2nd the European Banking Authority (EBA) announced a three-month public consultation on a new set of guidelines for the role, tasks, and responsibilities of compliance officers responsible for anti-money laundering (AML) and countering the finance of terrorism (CFT). […]
Money laundering in Germany Germany is the European Union’s largest economy and attracts wealth and investment interests from around the world. Unfortunately, as a business hub, Germany is also a popular target for criminals who seek to exploit its financial […]
One of the largest and wealthiest economies in Europe and the world, Denmark is home to a diversity of business interests including numerous international enterprise organizations. While Denmark’s status as a business hub has contributed to economic growth, it also […]
The EU’s European Commission (EC) is readying plans to create a new anti-money laundering agency to oversee AML/CFT efforts across the EU, according to recent reports. If created, this agency would replace the current dedicated unit established within the European […]
Brexit and AML/CFT: What Does the Future Hold for the UK & EU? The UK and EU opted for a “minimalist” approach on the management of AML/CFT, with only broad agreement on following shared norms and cooperation. No formally defined […]
Money Laundering in Belgium One of Europe’s wealthiest countries, Belgium has a highly developed financial landscape, hosting institutions and service providers from across the EU and the world. In order to manage the threat posed by financial crimes such as […]
The European Commission (EC) has taken legal action against Luxembourg for failing to implement AML regulations in a timely manner and has asked the European Court of Justice (ECJ) to enforce punitive measures. Should the ECJ rule in the EC’s […]
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