News & Analysis as of

Money Laundering European Union

Food & Beverage Litigation Update | January 2018

FDA Announces Intent Not to Enforce Portions of FSMA - The U.S. Food and Drug Administration (FDA) has announced it will not enforce certain provisions of the Food Safety Modernization Act (FSMA) because the agency needs...more

Key Regulatory Topics: Weekly Update - 22 December 2017 – 4 January 2018

by Allen & Overy LLP on

BREXIT - FMLC paper on Brexit and impact of WTO rules on financial services - On 22 December 2017, the FMLC published a paper on the potential impact of Brexit and WTO rules on financial services. The paper focuses on...more

Financial Regulatory Developments Focus - January 2018

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Dorsey Anti-Corruption Digest - January 2018

by Dorsey & Whitney LLP on

Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more

Businesses face unlimited fines for failure to prevent facilitation of tax evasion

by Womble Bond Dickinson on

Introduction - As part of a global crackdown on tax evasion, the Criminal Finances Act 2017 (the Act) introduced a new offence. From 30 September 2017, an organisation commits a criminal offence if an employee or...more

How UK may be forced out of Europol

by WilmerHale on

Last week the UK government announced plans to launch a new national economic crime centre (NECC), which promises to tackle ‘the most serious cases of economic crime’. This is a grand promise. Originally published in The...more

EuroResource—Deals and Debt | December 2017

by Jones Day on

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments. Recent Developments - The Netherlands—On 5 September 2017, the...more

EU Adopts Regulations Increasing Transparency in Virtual Currency Trading to Combat Money Laundering, Tax Evasion, and Terrorism...

by Ballard Spahr LLP on

After over a year of negotiations, the European Parliament and its executive arm, the European Council, recently agreed to an amendment to the Fourth Anti-Money Laundering Directive to include measures targeting exchange...more

Money Laundering Watchdog Criticizes Lax AML Enforcement and “Creative Compliance” in Wake of Panama Papers

by Ballard Spahr LLP on

PANA Issues Recommendations to European Parliament: Tougher Enforcement, Greater Transparency, Improved Information Sharing and Prohibitions Against Outsourcing of Customer Due Diligence....more

Anti-Money Laundering and Bank Secrecy Act Update

by Moore & Van Allen PLLC on

After the Panama Papers exposed efforts by wealthy individuals and government officials to hide funds offshore, government authorities around the world have responded with new legislation, regulations and enforcement actions...more

The UK Trust Register

by McDermott Will & Emery on

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force, introducing new requirements for trustees. The Regulations...more

For your DC trustee agenda: current legal issues

by Allen & Overy LLP on

Prepare for GDPR compliance UPDATED! - New data protection rules will apply from 25 May 2018 under the General Data Protection Regulation. GDPR preparation will be a significant issue, requiring a wide-ranging review of...more

European Commission Requests Feedback on a Roadmap for Widening Access to Centralized Bank and Payment Account Registries

On August 9, 2017, the European Commission published an inception impact assessment (Ares (2017)3971182) (also called a roadmap) on access to centralized bank account registries. In the roadmap, the Commission explains...more

Key Regulatory Topics: Weekly Update - 4 August - 10 August 2017

by Allen & Overy LLP on

Brexit - Brexit – PRA letter to HoC Treasury Committee on firms' contingency planning - On 9 August, the HoC Treasury Committee published a letter (dated 2 August) from Sam Woods, BoE Deputy Governor, Prudential...more

Key Regulatory Topics: Weekly Update - 14 July 2017 – 20 July 2017

by Allen & Overy LLP on

BREXIT - CRDV IV – EBA final draft RTS and ITS on authorisation of credit institutions - On 14 July, the EBA published a report setting out the following final draft technical standards: (i) Final draft RTS on the...more

Key Regulatory Topics: Weekly Update - 7 July 2017 – 13 July 2017

by Allen & Overy LLP on

BREXIT - Brexit - EU (Withdrawal) Bill published - On 13 July, the DExEU published the European Union (Withdrawal) Bill (Bill), which: (i) repeals the ECA 1972; (ii) converts EU law into UK law where appropriate; and...more

European White Collar Crime Report: Views on the key developments across Europe

by Allen & Overy LLP on

Europe at a glance - Across Europe, law makers are steadily expanding the circumstances in which companies can be found liable (whether criminally or otherwise) for the criminal conduct of their employees and other...more

Regulation Round Up - June 2017

by Proskauer Rose LLP on

2 June - The ESMA published its final report on guidelines on product governance requirements under the MiFID II Directive (2004/65/EU). The guidelines (set out in Annex IV) to the final report aim to promote greater...more

Lawyers as “Gate Keepers” – The European Parliament Examines the Roles of Attorneys in Tax Evasion and Laundering Schemes

by Ballard Spahr LLP on

Starting on April 27, and finishing on May 2, the European Parliament (EP)’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) is holding two meetings to present several related studies which...more

Hogan Lovells Global Payments Newsletter - March 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - OCC Provides Additional Details to Evaluate Charter Applications From Fintech Companies - On March 15, 2017, the Office of the Comptroller of the Currency ("OCC") issued a "Draft...more

Fourth Money Laundering Directive (MLD4)

by Locke Lord LLP on

The MLD4 will amend and replace the Third Money Laundering Directive (MLD3) on 26 June 2017. This is the date by which all member states are required to bring into force the laws, regulations and administrative provisions...more

European Parliament Publishes Report on Fifth Money Laundering Directive Proposal

On March 9, 2017, the European Parliament published a report on the Fifth Money Laundering Directive (MLD5), this being the same report adopted by the Parliament’s Economic and Monetary Affairs Committee (ECON), as well as...more

European Parliament: The U.S. is a Haven for Tax Cheats and Money Launderers

by Ballard Spahr LLP on

Earlier this week, we blogged about how the United States recently declared the Philippines to be a “major money laundering country.” On the same day of our post, March 7, the European Parliament (EP) issued a Report which...more

Regulation Round Up - February 2017

by Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

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