Transparency International EU’s Post

🏛 Soon the EP and the Council will choose the Chair of the new Anti-Money Laundering Authority. Applications are open till next Monday. 🤔 But who is an ideal candidate for this job? 🐭 a bureaucrat who is happy with the status quo where billions are laundered every year? 💱 or someone just "revolving in" with heavy conflict of interest in the industry they aim to supervise? 🤝 Or someone with very little relevant experience who is chosen as a part of package deals deciding about EU portfolios and top-jobs? Read our thoughts below

📣💥Switzerland said it had drafted new rules to tighten perceived cracks in its money laundering regulations. ✅ If the new rules are accepted, lawyers, accountants and other company consultants who set up trusts, or holding companies, or arrange real estate deals, will also become subject to due diligence rules and reporting obligations. ✅ Switzerland also plans to create a central registry to track who actually owns legal entities in a move to fight money-laundering via shell companies. ✅ The new register, to be held at the Federal Department of Justice and Police, would detail the beneficial owners of companies and other legal entities, with a body within the finance ministry carrying out checks on the registry and, if necessary, imposing sanctions. ✅ The rules would also tighten obligations for banks, firms and service providers to scrutinize and control risks of sanctions violations amongst their clientele. ℹ️ Switzerland, whose banks make it the world's biggest manager of offshore wealth, has long sought to fight its old image as a place for criminals to stash ill-gotten gains. https://lnkd.in/eX_H7_-w #aml #amlcft #amlcompliance #compliance #regulatory #training #financialcrimes #financialcrime #moneylaundering #duediligence #antimoneylaundering #kyc #financialservices #corruption #scams #fraud #terroristfinancing #terrorismfinancing #barbados #anticorruption #sanctions #financialcrimecompliance #bribery 

Taking into consideration latest developments in the field of Anti Money Laundering, especially with the establishment of #AMLA Regulatory Body, and 6th AML/CFT EU Directive, it will be interesting to see the approach of #UKGovernment in the war against #MoneyLaundering, and their reflection in the rest of financial industry which directly or indirectly is linked with #Financial Institutions residing in #UnitedKingdom! #AMLA, #AMLD6, #AntiMoneyLaundering, #Regulations, The Guardian

Anti-Money Laundering And Other Matters Bill 2024 | Regulatory Capsule Powered by: Transact Comply This week we delve into the newly introduced Anti-Money Laundering and Other Matters Bill in Singapore Read More: https://zurl.co/GDCa Explore the product's full scope: https://zurl.co/E0MW #MoneyLaundering #FinancialSecurity #SingaporeLaw #AntiMoneyLaundering #AML #TerrorismFinancing #ProliferationFinancing #FinancialIntegrity #EnvironmentalCrimes #CasinoRegulations #LegalReform #FinancialIntelligence #CrimePrevention

The European Parliament has voted to impose a €10,000 limit on #cash payments within the European Union. This move, part of comprehensive anti-money laundering legislation, marks a significant step in standardizing regulations across the 27-member bloc. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #euro #europe #eu #europeanunion

Are you aware of the money laundering risks that the EU faces from closer economic ties with Monaco, San Marino and Andorra? These three microstates have historically maintained less rigorous financial regulations and may be prone to money laundering and other illicit activities. According to a recent article from AML Intelligence, the chair of the European Banking Authority (EBA) and the chairs of two other European Supervisory Authorities have written a letter to the European Commission, expressing their concerns about these risks. The letter warns that companies might be tempted to set up in these microstates to benefit from lighter financial standards, which would create significant risks to consumers in the EU. The article also mentions that Monaco received a scathing assessment of its anti-financial crime defences from the Council of Europe earlier this year, and that the intervention of the European Supervisory Authorities threatens to disrupt trade talks with the three microstates that were due to conclude soon. This is a very important issue for anyone who is interested in financial crime prevention and compliance in the EU. I urge you to read the full article and share your thoughts on this topic. How do you think the EU should deal with these money laundering risks? What are the implications for the financial sector and the consumers in the EU? How can we ensure that our anti-money laundering policies are effective and consistent across the EU? Please like, comment and share this post with your network if you find it useful and informative. Thank you for your attention and engagement. #EUMoneyLaunderingRisks #MicrostateConcerns #FinancialRegulation #EBAWarning #EuropeanCommission #TradeTalksDisruption #AMLIntelligence #CouncilOfEurope #AntiFinancialCrime #EUBanking #EUCompliance #FinancialSecurity #ConsumerProtection #AMLChallenges #LearnWithKrish

What we are talking about? The winner is… Frankfurt 🇩🇪 The AMLA (Anti-Money Laundering Authority at EU level) will be located in Frankfurt. The final version of the 6th AML/CTF EU directive is coming… with some new joiners in the scope (Crypto sector 🔐, Football sector ⚽️, Traders in luxury goods…). What will be the concrete impacts on your organisation? KPMG Luxembourg #kpmg #aml #amlcompliance

The Swiss government has developed new rules to combat money laundering, which will require consultants to strengthen compliance for legal entities and report identified potential risks. The rules will apply to lawyers, accountants, and other consultants who establish trust or holding companies or arrange real estate transactions. The rules will tighten the obligations of banks, firms, and service providers to thoroughly examine and control the risks of sanctions violations among their clients or facilitating sanctions evasion. All future real estate transactions will also be subject to additional compliance, and monetary payments for precious metals and gemstones, such as gold and diamonds, will be subject to checks for money laundering exceeding 15,000 Swiss francs (100,000 francs currently). The government has also announced a detailed plan to establish a centralized registry to track the beneficiaries of legal entities. The registry will be held in the Federal Department of Justice and Police, with financial ministry bodies conducting checks on the registry and imposing sanctions if necessary. The new AML rules are currently in the consultation stage, and it is expected that they will be presented to Parliament during 2024. Our team are always ready to provide high-quality consultation and help you solve your tasks. Follow our page for further notification and articles or write to us on Email/WhatsApp/Viber/Telegram +380 98 363 6493, or call us. #SwitzerlandAML #CorporateServices #ComplianceConsultants #SwissBusiness #AMLRegulations #LegalAdvisors #FinanceSwitzerland #CompanyRegistration #SwissLawFirms #FinancialCompliance #BusinessSetup #SwissFinance #AntiMoneyLaundering #CorporateGovernance #SwissMarket #AMLCompliance #WealthManagement #SwissLegal #FinancialTransparency #KYCProcedures #BeneficialOwnership #SwissCompanies #OffshoreServices #TaxPlanning #AssetProtection #SwissIndustry #BusinessConsultancy #CorporateLaw #SwissEconomy #FinancialInstitutions

Swiss authorities are working on improving money laundering controls. First by implementing a registry of all beneficial owners for corporate entities and trusts. Secondly by requiring swiss lawers, accountants and service providers to conduct due diligence. Once implemented it would close current loopholes compared to other European countries.