EU Council Convenes to Discuss Prevention of Money Laundering and Terrorist Financing
The European Union’s Council convened on May 30th, 2018, to discuss the prevention of money laundering and terrorist financing. The meeting focused on the implementation of the EU’s 6th Anti-Money Laundering (AML) Directive, which was adopted in October 2017.
Implementation of the 6th AML Directive
The directive aims to strengthen the AML regime by introducing new measures to prevent the misuse of the financial system for criminal activities. The Council discussed the guidelines issued by the European Securities and Markets Authority (ESMA) on anti-money laundering and countering the financing of terrorism, as well as the guidance provided by the Financial Action Task Force (FATF) on a risk-based approach.
Innovative Technologies to Improve Customer Due Diligence
The meeting also touched upon the use of innovative technologies to improve customer due diligence, with reference to a consultation paper issued by Cyprus’ Securities and Exchange Commission (CySEC). Additionally, the Council discussed the FATF’s guidance on digital identity and COVID-19-related money laundering and terrorist financing risks.
Seminar on AML Developments
As part of the Council’s efforts to raise awareness about AML developments, a seminar was organized featuring expert speakers. The seminar covered various topics, including:
- Risk factors associated with money laundering and terrorist financing
- Importance of customer due diligence
- Latest AML regime requirements
Seminar Speaker
The speaker, Mr. Yiannis Pettemerides, has over 20 years of experience in forensic, anti-money laundering, regulatory compliance, registered auditing, and insolvency practices. He has worked with various organizations, including PwC London and PwC Cyprus, and has also served as an external technical expert for the Cyprus Securities and Exchange Commission (CySEC).
Seminar Programme
The seminar programme included several episodes:
- Episode 1: The Crime Scene
- Episode 2: The Long Arm of the Law
- Episode 3: Why Cyprus is Famous
- Episode 4: There is No Choice
- Episode 5: The Chamber of Secrets
- Episode 6: Starring in Order of Appearance
- Episode 7: The Risks of Life
The seminar also included a break and several episodes focused on human beings, profiling, and pop quizzes.
Conclusion
The Council’s meeting and the subsequent seminar aimed to raise awareness about the importance of preventing money laundering and terrorist financing. The discussion highlighted the need for a risk-based approach and the use of innovative technologies to improve customer due diligence. The expert speaker provided valuable insights into the latest AML developments, and the seminar was attended by professionals from various industries.