Financial Crime


Overview

The creation of the Single Market and the breaking down of barriers not only aids legitimate business, but may also provide increased opportunities for money laundering and financial crime. European legislation has been adopted to protect the financial system and other vulnerable professions and activities from being misused for money laundering and financing of terrorism purposes. At the wider international level, the Internal Market Directorate General heads the European Commission’s delegation to the Financial Action Task Force on Money Laundering, the foremost world body active in this area.

News

Date   Subject
18.06.2014   Council agreement on the anti-money laundering package at the meeting of the Permanent Representatives’ Committee (Coreper)
12.03.2014   European Parliament votes on amendments on the proposal for a directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (first reading)
30.04.2013   Publication of an external additional research PDF on the impact of potentially changing the scope (Art. 3) of the Regulation on information accompanying transfers of funds. The Commission is in no way bound by the results of this external research when assessing the possible changes to be made to the Funds Transfers Regulation.
06.02.2013   Publication of an external study on the application of the Regulation on information accompanying transfers of funds
05.02.2013   The Commission adopts two proposals to update and improve the EU’s existing legal framework designed to protect the financial system against money laundering and terrorist financing.
04.02.2013   "Fighting money laundering and terrorist financing: new framework, future challenges" - European Commission Conference, Brussels, 15 March 2013
31.07.2012   The European Commission publishes a feedback statement of the comments received on the application report
11.04.2012   The European Commission adopts a report on the application of the Third Anti Money Laundering Directive
16.02.2012   FATF adopts revised international standards against money laundering and terrorist financing
04.10.2011   Money laundering and terrorist financing: Supervision of and reporting by Payment Institutions
18.02.2011   On 1 February 2011, the Commission services organised a meeting with private sector stakeholders to discuss anti-money laundering issues:
  • Agenda PDF - 259 KBEnglish
  • Report PDF - 259 KBEnglish
  • List of participating organisations PDF - 259 KBEnglish
24.01.2011   Publication of an external study on the application of the AML Directive
01.07.2009   Adoption of a Commission staff working paper on Compliance with the anti-money laundering directive by cross border banking groups at group level
Archive

Newsletter

16.12.2009   Fifth issue of the newsletter “EU AML News”, December 2009 PDF - 259 KBEnglish
20.07.2009   Fourth issue of the newsletter “EU AML News”, July 2009 PDF - 259 KBEnglish
16.12.2008   Third issue of the newsletter “EU AML News”, December 2008 PDF - 259 KBEnglish
11.12.2007   Second issue of the newsletter “EU AML News”, December 2007  PDF - 259 KBEnglish
03.09.2007   First issue of the newsletter “EU AML News”, September 2007 PDF - 259 KBEnglish

Money laundering and terrorist financing

Money laundering and terrorist financing: Third Country Equivalence

Article 11 §4 of Directive 2005/60/EC contains an obligation for Member States to inform each other, the ESAs and the Commission of cases where they consider that a third country meets EU AML/CFT equivalence standards. Such equivalence recognition is necessary in order to apply some of the directive’s provisions on, for example, simplified due diligence. In the context of this obligation and in order to coordinate their approach on equivalence, Member States have agreed a list of equivalent third countries. This list, which will be regularly assessed, has been established in accordance with a Common Understanding on the Procedure and Criteria for the Recognition of Third Countries’ Equivalence agreed by Member States.

The Commission has agreed to publish this list on its website, but wishes to stress that the assessment of third country equivalence remains a Member State competence. Indeed, Directive 2005/60/EC does not grant the European Commission any mandate to establish a binding ’positive’ list of equivalent third countries.

Money laundering and terrorist financing: Supervision of and reporting by Payment Institutions

The European Commission has published a staff working paper to provide guidance to EU supervisors and private stakeholders about the interaction between EU rules governing Payment Services Providers and rules governing Anti-Money Laundering. The guidance is focused on the supervision of payment institutions and their reporting obligations in various cross-border situations.

Money laundering and terrorist financing: The Directives

  • External study on the application of the AML Directive. The Commission has commissioned a study on the application of the AML Directive after conducting an open tendering procedure. The Commission is in no way bound by the results of this external study when assessing the possible changes to be made to the AML Directive.
    • Study on the Application of the AML Directive (January 2011)  PDF - 188 KBEnglish
    • Contract notice and contract award notice (call for tender MARKT/2009/6/F)
    • Objectives of the study PDF - 259 KBEnglish
       
  • The application of anti-money laundering obligations
    • Compliance by cross border banking groups at group level (June 2009)  PDF - 188 KBEnglish
    • The legal profession (December 2006) PDF - 200 KBEnglish
    • The identification of clients in non-face to face transactions (December 2006) PDF - 188 KBEnglish
       
  • Implementing measures to the Directive 2005/60/EC
     
    • Commission Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of politically exposed person and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis
    • Commission releases draft implementing measures for the Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (Directive 2005/60/EC)
      • Draft Implementing Directive
        PDF - 259 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
         
    • Summary of comments received on the Second working document PDF - 259 KBEnglish
    • Comments received on the Second working document
    • Second DG Internal Market Services’ Working document PDF - 259 KBEnglish (15.2.2006). Interested parties are invited to send their comments on this working document by 16 March 2006
       
    • Summary of comments received to the First working document PDF - 259 KBEnglish
    • Comments received on the First working document
    • First DG Internal Market Services’ Working document PDF - 259 KBEnglish (12.09.2005). Consultation closed on 21 October 2005
     
  • Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
    • Transposition of the 3rd anti-Money Laundering Directive
    • Adoption of anti-Money Laundering Directive
    • Approval of new Directive by the European Parliament
    • Proposal for a Directive on prevention of the use of the financial system for the purpose of money laundering
  • Former directives (repealed)
    • Directive 2001/97/EC of the European Parliament and Council of 4 December 2001 amending Council Directive 91/308/EEC on prevention of the use of the financial system for the purpose of money laundering
    • Directive 91/308/EEC of the Council of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering

Money laundering and terrorist financing: Other legal texts

Money laundering and terrorist financing: Committee Meetings

Date Agenda Summary Record
17.10.2011   PDFEnglish PDFEnglish
15.06.2011   PDFEnglish PDFEnglish
16.02.2011   PDFEnglish PDFEnglish
14.12.2010   PDFEnglish PDFEnglish
15.06.2010   PDFEnglish PDFEnglish
25.03.2010   PDFEnglish PDFEnglish
10.02.2010   PDFEnglish PDFEnglish
17.12.2009 PDFEnglish PDFEnglish
05.10.2009 PDFEnglish PDFEnglish
16.06.2009 PDFEnglish PDFEnglish
29.04.2009 PDFEnglish PDFEnglish
07.10.2008   PDF - 200 KBEnglish PDF - 200 KBEnglish
11.06.2008   PDF - 200 KBEnglish PDF - 200 KBEnglish
17.04.2008   PDF - 200 KBEnglish PDF - 200 KBEnglish
19.02.2008   PDF - 200 KBEnglish PDF - 200 KBEnglish
11.12.2007   PDF - 200 KBEnglish PDF - 200 KBEnglish
02.10.2007   PDF - 200 KBEnglish PDF - 200 KBEnglish
18.06.2007   PDF - 200 KBEnglish PDF - 200 KBEnglish
19.04.2007   PDF - 200 KBEnglish PDF - 200 KBEnglish
13.02.2007   PDF - 200 KBEnglish PDF - 200 KBEnglish
06.12.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
04.10.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
14.06.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
10.05.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
29.03.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
08.03.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
08.02.2006   PDF - 200 KBEnglish PDF - 200 KBEnglish
12.01.2006 PDFEnglish PDFEnglish

EU FIUs Platform

The “EU Financial Intelligence Units’ Platform” is an informal group set up in 2006 by the European Commission, which gathers Financial Intelligence Units from the Member States. Its main purpose is to facilitate cooperation among the FIUs. The European Commission participates in the Platform and provides support.

Report on Feedback on money laundering and terrorist financing cases and typologies

On 22 April 2008, the Platform adopted a report on “Feedback on money laundering and terrorist financing cases and typologies”. The report contains a brief overview of the existing regulatory framework regarding feedback and analyses different kinds of feedback, with a view to identify good practices which can be followed to improve quality and effectiveness of feedback. Specific sections of the report are dedicated to feedback to reporting entities on individual cases, trends and typologies, feedback between Law Enforcement Authorities and the FIU, FIU-to-FIU feedback and to the exchange of information between the FIU and other competent authorities.

  • Report PDF - 259 KBEnglish

Report on Confidentiality and data protection in the activity of FIUs

On 28 April 2008, the Platform adopted a report on “Confidentiality and data protection in the activity of FIUs”. The report explores the relationships between the activities related to the detection, disclosure and analysis of suspicious transactions reports and data protection safeguards, with a view to identify convergences and practical difficulties in the activity of FIUs. The report deals, in particular, with the processing of information by the FIUs, the exchange of data among FIUs, the sharing of information within the group or network to which the reporting institution or person belongs.

  • Report PDF - 259 KBEnglish

Financial malpractice

  • Communication from the Commission to the Council and the European Parliament preventing and combating corporate and financial malpractice

Useful Links

Last update: 07.07.2014