EU: 5th EU Anti-Money Laundering Directive published

The EU Commission proposed the revised AMLD in July 2016 as part of its Action Plan against terrorism announced in February 2016, after the attacks in Paris and Brussels, and as a reaction to the Panama Papers published in April 2016.

New obligation for Spanish companies to disclose their ultimate beneficial owners

The Spanish Ministry of Justice issued Ministerial Order 319/2018 which requires Spanish non-listed companies to disclose their ultimate beneficial owners to the Companies Registry and keep said information updated.

Brazil publishes new resolution on Politically Exposed Persons

The Brazilian Control Council for Financial Activities published a new resolution on Politically Exposed Persons which will expand the list of people defined as Politically Exposed Persons.

UK introduces “Sanctions and Anti-Money Laundering Bill”

According the Government’s press release on the Bill “ensures that when the UK leaves the EU, we can continue to impose, update, and lift sanctions and AML regimes”.

Preventing and Repressing Money Laundering and Terrorist Funding in Portugal: Key Issues of a...

Preventive and repressive measures against money laundering and terrorist funding entered in force last September, 17 by means of Law no. 83/2017, of August 18. Some of the measures within a pack of prevention and repression were forecast for regulation.

FCA Enforcement Increases by 75% – Mixed Messages for Senior Managers

The FCA has announced that there has been a 75% increase in the number of enforcement cases over the last year. At the same time, in an effort to disarm concerns about the enforcement of the new Senior Mangers Regime, the FCA has said that it wants to move away from a fear based culture of regulation.

Portugal: Legal Regime on the Beneficial Ownership Central Register

In addition to the establishment of the Beneficial Ownership Central Register, the Law requires legal entities to maintain an updated record of the shareholders and persons controlling the company.

New Portuguese Legislation on Limits for Payments in Cash

On August 23, 2017, a new law regulating the use of cash as mean of payment came into force in Portugal and significantly lowered the amount of cash payments.

New Swedish Legislation Concerning Registration of Beneficial Owner

The Swedish Parliament has passed a new law concerning registration of beneficial owners, an implementation of the Fourth Anti-Money Laundering Directive, which will enter into force on 1 August 2017.

New Transparency Register Will Affect Many German Companies

On 26 June 2017 the new German anti-money laundering act has entered into force. Besides inter alia meeting increased risk demands and the intensified financial penalties, the 4th EU AML Directive prescribes a transparency register in the foreseeable future.