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.
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.
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.
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.
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.
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.
With the aim of pursuing its objectives of fighting money laundering and granting more transparency to market operations, the Portuguese Parliament prohibited the issuance of bearer securities.
Legal Privilege in Internal Investigations Concerning Anti-Money Laundering Obligations: a Swiss View
The Swiss Federal Supreme Court considered to what extent work products generated by external counsel in the course of anti-money laundering investigations are protected by legal privilege.
On March 20, 2017, the Executive Decree that issued the Regulation for the application of the Law for the Prevention of Money Laundering and the Financing of Crimes entered into force.
The 5th Money Laundering Directive is proceeding along the European Union's legislative process. What will it entail?