In previous posts, we discussed the importance of adverse news in due diligence processes, as well as in the internal procedures of obligated entities. Therefore, today we are going to analyze OCCRP — Organized Crime and Corruption Reporting Project — and the impact their investigations have generated.

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At the end of last year, the FATF published its 2020-2021 annual report. This report covers all the work carried out under the German presidency of the FATF, as well as the future objectives the organization will address.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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