On February 12, the European Commission (EC) sent letters of formal notice to eight member states, who have failed to implement the European Union’s (EU) fifth Money Laundering Directive (5MLD). This is part of the EC’s February 2020 infringements package, a monthly list of member states who are failing to comply with their obligations under EU law across a wide variety of sectors and policy areas.
Continue Reading European Commission Urges Member States to Transpose 5MLD

On December 5, Valdis Dombrovskis made a speech at the conclusion of the first Economic and Financial Affairs Council (ECOFIN) meeting of the new European Commission (EC). Mr. Dombrovskis is the European Commissioner for “an Economy that Works for People”, and is one of the three newly-appointed Executive Vice Presidents of the EC.

Continue Reading ECOFIN Outlines Next Steps for Crypto and Climate Action

On November 13, the European Commission (EC) published a statement by Vice-President Valdis Dombrovskis on the regulation of cryptoassets and initial coin offerings (ICOs), which he presented at the European Parliament Plenary debate in Strasbourg.

Key takeaways include:
Continue Reading European Commission Publishes Statement on Regulating Cryptoassets and ICOs

On May 14, the Council of the EU published a press release announcing that it has adopted the proposed Fifth Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate & Financial Weekly Digest edition of February 12, 2016).
Continue Reading Council of EU Adopts MLD5

On June 26, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (Regulations) went into effect in the United Kingdom, having been presented to Parliament on June 22. The Regulations represent the implementation of the EU 4th Money Laundering Directive (4MLD). The Regulations replace the UK’s Money Laundering Regulations 2007.
Continue Reading New Money Laundering Reporting Regulations Go Into Effect

On March 15, HM Treasury unveiled plans to create a new UK watchdog for tackling potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit.

The new “Office for Professional Body Anti-Money Laundering Supervision” (OPBAS) will focus its work on accountancy and legal sectors with the goal of helping to improve the overall standards of supervision and ensure that supervisors (such as the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)) and law enforcement work together more effectively.
Continue Reading HM Government to Create Office for Professional Body Anti-Money Laundering Supervision

On March 21, the UK’s Joint Money Laundering Steering Group (JMLSG) opened a consultation on (Consultation), and published proposed revisions (Proposal) to, Part I of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry (Guidance).
Continue Reading Anti-Money Laundering: JMLSG Opens Consultation on Proposed Revisions to Part I of Its Guidance

On October 25, the European Commission (Commission) published a roadmap (Roadmap) in relation to its proposal for an EU directive on the criminalization of money laundering. The Roadmap forms part of the Commission’s action plan (Action Plan) against terrorism financing, published in February 2016, and aims to introduce minimum rules for the definition of the criminal offense of money laundering and sanctions.
Continue Reading EU Commission Publishes Roadmap of Proposal To Criminalize Money Laundering