Featured Regulatory Update

Malta: Shelved €10,000 limit on cash to see the light of day

A ban on cash transactions over €10,000 is set to finally see the light of day, after being shot down by Cabinet when first proposed by Finance Minister Edward Scicluna four years ago. A source familiar with the 2015 proposal told Times of Malta that the government had little appetite… Read More

European governments move to veto Facebook’s digital money

Major European players are joining forces to block Facebook’s proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday. The firm opposition from France, Italy and Germany added to the mounting resistance faced by the tech giant’s troubled foray into… Read More

Estonia: Money laundering data bureau to check major real estate firms

The money laundering data bureau is inspecting real estate brokers as real estate is one way to launder criminal proceeds, head of the bureau Madis Reimand said. Member of the board of Domus Kinnisvara Ingver Allekand said those who really want to launder money are unlikely to use real estate… Read More
18th October 2019
Republican and Democratic lawmakers vowed to move ahead with sanctions on Turkey despite the announcement by Vice President Mike Pence that Turkish President Recep Tayyip Erdogan agreed to temporarily halt hostilities in northern Syria. South Carolina Republican Lindsey Graham and Maryland Democrat Chris Van Hollen said they welcomed the agreement… Read More
16th October 2019
The US Congress will press ahead with a broad package of sanctions on Turkey, including cutting military support, after measures announced by the Trump administration were dismissed as ineffective, Senate officials have confirmed. The Republican senator Lindsey Graham and Democrat Chris van Hollen are expected to launch a… Read More
14th October 2019
Three U.S. financial regulators on Friday issued a warning to firms with registered digital assets that they have an obligation to follow securities laws prohibiting money laundering and requiring disclosure of suspicious activity. The notice, from the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission and the Financial Crimes… Read More
14th October 2019
President Donald Trump’s administration is set to impose economic sanctions on Ankara, potentially as early as this week, for its incursion into northern Syria, one of the few levers the United States still has over NATO-ally Turkey. Using the U.S. military to stop the Turkish offensive on U.S.-allied Kurdish fighters… Read More
11th October 2019
In his first speech as the UK’s new prime minister in July, Boris Johnson slipped in a passing reference to free ports that sent alarm bells ringing across the nation’s anti-money laundering (AML) community. Speaking outside of 10 Downing Street, Johnson had called on the country to “look not at… Read More
11th October 2019
The European Union is considering tighter rules to counter the flow of dirty money into the region’s banks and other economic sectors, EU officials said on Thursday. Following a spat of money-laundering scandals at several lenders that highlighted weak oversight by national authorities, the EU is also considering setting up… Read More
11th October 2019
Pressure on the UK’s art trade is increasing as it faces a wave of legislative changes and increased attention from enforcement agencies. As UK courts introduced new sentencing guidelines for criminal damage to heritage assets on 1 October, the trade was counting down to the anti-money-laundering regulations that are coming… Read More
11th October 2019
The Cayman Islands said on Wednesday it would make public information on the beneficial ownership of companies, prompting anti-corruption campaigners to call on other offshore jurisdictions to follow suit as part of a global crackdown on money-laundering. The Cayman Islands government said it expected public registers of beneficial ownership –… Read More
10th October 2019
The European Union is working on a new approach for flagging countries with weak anti-money-laundering laws after the bloc’s previous attempt to create a blacklist failed earlier this year. A newly proposed methodology for designating high-risk countries is aimed at addressing concerns about transparency in the previous process, according… Read More
10th October 2019
If Britain hasn’t secured a deal to leave the European Union as the clock ticks past 11 p.m. on Oct. 31, billions of data transfers could be thrown into legal limbo. Though not as visible as lines of trucks backing up at ports, disruption to data would affect more of… Read More