You'll fall in love with your regulator… and with us!
Currently, there are numerous entities involved in preventing money laundering. In previous posts, we have discussed the FATF, the Wolfsberg Group, and the European Banking Authority. In this article, we will analyze the role of MONEYVAL in preventing money laundering and terrorist financing.
Continue reading “MONEYVAL and the prevention of money laundering”
On January 30, the European Banking Authority (EBA) launched its database for combating money laundering and terrorist financing, accompanied by a draft of regulatory technical standards submitted to the European Commission.
Continue reading “EuReCA, the new database of the Banking Authority”
There are various entities involved in the prevention of money laundering and terrorist financing. From intergovernmental organizations like the FATF, to obliged entities responsible for applying preventive measures, and supervisory bodies such as the European Banking Authority. Among the wide range of participants in the prevention process, today we want to examine The Wolfsberg Group.
Continue reading “Wolfsberg Group”
The present Directive serves as a preventive tool against money laundering through Criminal Law. Supported by the subsidiarity principle as outlined in Article 5 of the Treaty on European Union, it aims to subject the crime of money laundering in Member States to effective criminal sanctions, while also standardizing the concepts related to this crime and judicial cooperation mechanisms.
Continue reading “Criminal law directive on money laundering”
The concept of money laundering began to be used in the early 1970s by the U.S. media, due to the scandal caused by Watergate.
Continue reading “Historical context of the prevention of money laundering”
On September 20 of 2020, the FinCEN Files were made public, a journalistic investigation following the leak of more than 2,000 reports from FinCEN’s database. These reports reveal transactions and account movements that suggest money laundering activities. However, today we want to focus not on this journalistic investigation, but on analyzing what FinCEN is.
Continue reading “What is FinCen?”
Money laundering has its most recent international origin in the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, held in Vienna on December 20, 1988, and the Principles Declaration of the Basel Committee on Prevention of the Use of the Banking System for the Laundering of Funds from Criminal Activities, also from 1988.
Continue reading “Money laundering and risk countries”
States have various legal and administrative systems to frame measures aimed at combating money laundering, resulting in different actions and processes to address these situations. This is why the FATF Recommendations — Financial Action Task Force — set international standards that states must implement and comply with, adapting them to their respective circumstances.
Continue reading “FATF Recommendations”
As other European countries like Spain, France has its own definition of politically exposed persons — PEPs. This definition derives from the transposition of European directives regarding the prevention of money laundering, as well as the impetus from the FATF on this matter.
Continue reading “France and its definition of PEP”
FATF has as one of its main objectives the establishment of guidelines that promote the implementation of effective measures in the fight against money laundering and the financing of terrorism. These guidelines are structured around the 40 Recommendations, which are standards for combating money laundering and terrorist financing that States should use as a reference and try to implement in their territories.
Continue reading “FATF 6th Recommendation”