AML/CFT UPDATES IN EUROPE

This article provides an overview of significant updates from in terms of anti-money laundering (AML) and counter-terrorist financing (CFT) in various countries across Europe. It outlines the different approaches that these countries have taken to strengthen their financial systems against illicit activities. From instituting stricter regulations on digital currencies to enhancing risk management guidelines.

1.???? United Kingdom: The UK extended its AML/CTF regulations to cover digital currency in January 2021. The FCA now requires all digital asset businesses to be registered and comply with these regulations.

2.???? France: In June 2021, France's top court expanded the powers of its AML authority, the Autorité de contr?le prudentiel et de résolution, to impose sanctions on non-financial companies.

3.???? Germany: To combat illicit financial activities, Germany passed a law in April 2021 providing for enhanced oversight by the federal government over the entire financial industry, going beyond just banking.

4.???? Italy: Italy’s financial regulator, Banca d’Italia, issued guidelines and recommendations for the video identification of customers in February 2021, as part of the AML/CFT regime.

5.???? Spain: The Spanish executive service of the commission for the prevention of money laundering took actions in 2021 to tighten control over cryptocurrencies, by strengthening its AML/CFT policies.

6.???? Norway: Norway updated its Money Laundering Act in 2021 to include virtual-currency exchange and storage services, aligning with the EU's direction on AML/CFT in the digital asset industry.

7.???? Netherlands: Dutch banks began sharing data under an AML cooperation agreement in February 2021. The agreement, called the Transaction Monitoring Netherlands initiative, aims to improve detection of suspicious transactions.

8.???? Denmark: In 2021, Denmark's Financial Supervisory Authority has increased its AML/CFT supervision activities and issued a guide on fighting money laundering in the real estate sector.

9.???? Switzerland: The Swiss Financial Market Supervisory Authority updated its AML/CTF regulations in 2021 to include changes to due diligence and introduced heightened regulatory controls over cryptocurrency transactions.

10.? Sweden: In 2021, Sweden's Financial Supervisory Authority issued new AML/CFT guidelines focusing on risk management in response to the high-profile money laundering scandals throughout the region.

11.? Poland: Poland's Ministry of Finance proposed changes to its AML/CFT legislation in 2021 to bring it in line with the EU's 5th Money Laundering Directive, aiming to increase transparency around the ownership of companies and trusts.

12.? Finland: In May 2021, Finnish authorities introduced a new AML act, providing extended powers to regulators and implementing strict controls over virtual currency providers.

13.? ?Austria: The Austrian Financial Market Authority enhanced its risk management guidelines concerning AML/CFT in 2021, reflecting the need for tightening controls in the wake of rising financial frauds.

14.? Belgium: In response to recommendations from the FATF, Belgium updated its National Risk Assessment on Money Laundering and Terrorist Financing in 2021.

15.? Greece: Greece's government approved a bill in 2021 to strengthen AML/CFT actions, which extended requirements to more categories of professionals and improved the process of freezing and confiscation of assets.

16.? Czech Republic: In 2021, the Czech Republic enhanced its AML/CFT frameworks to align with EU directives, which included making beneficial ownership information more accessible.

17.? Portugal: In 2021, Portugal's Ministry of Finance proposed a new set of AML measures, including a cap on large cash payments and stricter rules on beneficial ownership and cryptocurrencies.

These instances underline the continued efforts of European countries to strengthen AML/CFT policies and practices in response to evolving risk scenarios and regional trends.

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