On July 1st, 2020 Luxembourg’s Parliament passed bill 7216B (the “RFT” Law), implementing the provisions of the EU Directives (EU 2015/849 of Ma1 20th 2015 and EU 2018/843 of May 30th 2018), also known as the 4th and the 5th AML Directives. The subjects of RFT Law will be: All fiducie and express trusts which...Read More

Seventeen EU member states failing to implement 5AMLD   The European Commission urges 8 member states and the UK to fully transpose the 5th Anti-Money Laundering Directive. Today, the Commission has sent letters of formal notice to Belgium, Czechia, Estonia, Ireland, Greece, Luxembourg, Austria, Poland and the UK for having only partially transposed the 5th...Read More

Paris, 13 February 2020 – Since the 2016 assessment of Switzerland’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Switzerland has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016. In line with the FATF Procedures for mutual...Read More

The Cayman Islands government has announced that a further five Bills are to be presented to the legislative assembly, to satisfy the Caribbean Financial Action Task Force’s (CFATF’s) recommendations for stricter anti-money laundering rules. A deadline of 21 February has been agreed for the Cayman Islands to demonstrate that it has made ‘positive and tangible...Read More

  With the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 now in force, HMRC has warned that all firms are required to be fully compliant with the new requirements from 10 January (last Friday), although the short lead-in time will be taken into account when assessing any sanctions. In particular, says HMRC, trust or...Read More