Financial services providers, importers and exporters could face criminal charges for breaching EU restrictive measures
Providers of financial services such as loans and credit as well as importers and exporters who participate in activities sanctioned or otherwise prohibited or restricted by the European Union (EU) could face criminal charges if a proposal by the European Commission (EC) is adopted. The…
EU-UN study suggests sanctions for Eastern European banks for SARs and customer identification failures
Illicit financial flows (IFFs) in the EU’s Eastern Partnership (EaP) region, can be estimated at around €29 billion (US$31 billion) every year according to a new study released by the EU and the UN Interregional Crime and Justice Research Institute. One of its recommendations to…
Pakistan and China agree to a single electronic customs portal to fight TBML
Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is to integrate with its Chinese counterpart after the customs authorities in the two countries agreed to form a…
Russia amongst ten new non-cooperative tax jurisdictions on EU grey list, Turkey escapes black list
Russia and nine other countries have been added to the EU’s so-called grey list of non-cooperative jurisdictions for tax purposes. Turkey meanwhile has escaped being put on the EU’s black list of countries that need to substantially reform their tax policies.
Counterfeiters moving online and turning to complex TBML schemes to launder proceeds says Europol
The online and offline distribution of fake and substandard goods now relies heavily on the digital domain and criminals trafficking counterfeit food and drink are setting up complex trade-based money laundering (TBML) schemes according to Europol. The EU law enforcement agency’s Intellectual property crime threat assessment…
Credit Suisse documents prompt calls for Switzerland to be considered for inclusion on EU’s AML/CFT blacklist
The European People’s Party (EPP), the conservative grouping which holds the biggest number of seats in the European Parliament, has called for a review of Switzerland’s banking practices and for the country’s possible inclusion in the EU’s list of countries with anti-money laundering and counter…
Turkey escapes alignment of EU list of jurisdictions with strategic AML/CFT deficiencies with FATF grey list
Turkey has not been included in a new European Union (EU) List of Third-country Jurisdictions which have Strategic Deficiencies in their Anti-Money Laundering / Counter Terrorist Financing (AML/CFT) Regimes. The list was revised earlier this month so that, with the exception of Turkey, it aligns…
EC proposal to end misuse of shell entities in EU for tax purposes could reveal those used in trade-based financial crimes
The European Commission (EC) has published Anti-Tax Avoidance Directive 3 (ATAD 3) laying down rules to prevent the misuse of shell entities for improper tax purposes throughout the European Union (EU). While the directive aims to clamp down on the use of shell companies for…
Overseas art traders subject to tough UK AML laws as autumn fairs resume post-pandemic
Overseas art traders and advisors participating in major upcoming international fairs in the UK such as Frieze London, Frieze Masters and the 1-54 Contemporary African Art Fair will have to comply with tough anti-money laundering (AML) requirements if they want to sell works of art….
Art traders likely to become obliged entities in UK’s AML/CFT money laundering act
Art market participants, including freeport operators that store works of art, are likely to become obliged entities in the UK’s key piece of anti-money laundering and counter financing of terrorism (AML/CFT) legislation, the Money Laundering Regulations 2017 (MLRs). The UK has published a consultation paper…
