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EU AntiMoney Laundering

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Gra Hawkes

on 2 February 2013

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Transcript of EU AntiMoney Laundering

Gráinne Hawkes European Anti Money Laundering Regulation Overview History and Evolution 2. Obligations 3. Threats & Trends 1.History & Evolution

2. Current Obligations

3. Threats & Emerging Trends The Single Market Article 5 : 'Member States may adopt or retain in force stricter provisions in the field covered by this Directive to prevent money laundering and terrorist financing' European Public Prosecutor EU Legislative Procedure
Parliament 1st Directive 91/308/EEC 2nd Directive 2001/97/EC An effective anti-money laundering regime, which deters and detects determined criminals without placing unrealistic burdens on honest businesses and their advisors, is essential if we are to maintain the integrity and effectiveness of the financial system. Within the EU single market, it is also vital that this regime operates in a uniform manner. –Michael Snyder London 2006 MONEYVAL
Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism Credit and Financial Instiutions
Due Diligence Checks
Identification documents : 5 years
Harmonization & International Cooperation : Credit & Financial Institutions, Supervisory Bodies and Mandatory Central Reporting System
Confidentiality Rules Toned Down : Legal Immunity for Disclosure Refine existing provisions : which MS Authorities?
Broader definition: underlying offences -corruption, drug trafficking - predicate offences
Currency exchange offices, money transmitters & investment firms
Freeze, Seize & Confiscate
Legal & other Professionals? 3rd Directive 2006/70/EC Other Sources of European AML Regulation Regualtions & Directives Current European Union Anti-Money Laundering and Financing of Terrorism Directive FTAF Revised Standards 2003
September 11th & Madrid Bombings
Lawyers, notaries, accountants, real estate agents, casinos and encompassing trust and company services, exceeding €15,000
Financing of Terrorism
Simplified Due Diligence Procedures - Low Risk Transactions
PEP - Politically Exposed Persons
Risk Based Approach Council of Europe
Interpol & Europol
World Customs Organisation
Wolfsberg Group
Basel Committee
European Banking Federation Eurojust Threats Trends Electronic Currency & New Payment Methods
Artwork Commission Recommendations Feedback July 2012 RBA & Greater Harmonization
Obligation to Criminalize ML
Tax Crimes - Predicate Offence
CDD Requirements & Customer Identification
FTAF Changes (PEPs)
Finance Intelligence Units - Reporting Requirements
Cross Boarder Situations
Minimum Common Rules (Sanctions Regime)
Data Protection?
Lawyers & Legal Professionals Biblography

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the application of Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing

Report from the Commission to the European Parliament and the Council on the application of Directive 2005/60/EC July 2012

Angela Veng Mei Leong: Chasing dirty money: domestic and international measures against money laundering (2007) JMLC 10(2), 140-156

Jeffrey Simser: Money Laundering: Emerging Threats and Trends (2013) JMLC 16(1), 41-54



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