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At the close of 2021, the Biden administration announced its comprehensive U.S. Strategy on Countering Corruption. This strategy emphasized two key enforcement priorities: anti-corruption and anti-money laundering. In an effort to root out corruption, the Biden administration plans to issue regulations that will improve transparency in regard to beneficial ownership and real estate transactions. In
It is estimated that in the EU alone transactions with “dirty” money account for about 1.5% of the GDP — that’s about 133 Billion EUR (i.e. approx. 157 Billion USD). Money laundering and terrorist financing have been recognized as a real threat by regulators of the EU, resulting in a sizeable new package of legislative
Any company that is obliged to apply measures for the prevention of money laundering, the due diligence measures Anti-Money Laundering and Combating the Financing of Terrorism (“AML”), also needs to think about money laundering reporting. After you have finished reading this article, you should have a general understanding of what money laundering reporting means and
Large and organised criminal enterprises, or individuals who are massively involved in financial crime, face a major problem – they end up with huge amounts of cash, which they need to hide in order to avoid investigations by legal authorities. To deal with this problem, they create ways to conceal money obtained from illegal activities
For several years, almost all U.S. financial institutions have been subject to strict AML compliance requirements. Failure to follow these requirements can have severe consequences – including loss of an institution’s ability to conduct business. However, some financial institutions have not been subject to these requirements. Now with new FinCEN regulations in place, the situation is changing.
On June 19, 2018, the European Union kickstarted its new anti-money laundering directive, AMLD5. The new directive builds on the points made in the AMLD4, with changes designed to strengthen anti-money laundering efforts and combat the financing of terrorism. To help you navigate through the new directive, the following guide includes the highlights and tips
