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?
The National Assembly has enacted the Law for Money Laundering and Crime Financing Prevention. There are several changes and amendments brought by this law, specially the ones regarding new institutions and businesses that are bound to report any unusual or unjustified economic transaction to the Unit of Financial and Economic Analysis.
The FCA issued a booklet aimed at consumer credit firms setting out good and bad practice on compliance with obligations under the Money Laundering Regulations 2007. While directed at consumer credit firms, the booklet is, of course, relevant to all firms subject to the MLR.
New requirements for all Russian companies to identify their ultimate beneficiaries enter into force on 21 December 2016.