Andorran Financial Summit 2017
|
|
- Jared York
- 6 years ago
- Views:
Transcription
1 Andorran Financial Summit 2017 Implementation of international standards in Andorra; evolution of legal framework and level playing field Luis Viñuales Sebastián Led by: Andorra La Vella, October 2017
2 Table of contents 1. Andorran legal and tax system 2. Institutional regulatory framework 3. Andorra and international standards setting bodies 4. Relevant milestones for the adoption of international regulatory standards 5. Financial regulatory standards. The EU reference 6. Implementation of international regulatory standards 7. Implementation of AML/CFT international standards 8. International assessment of AML/CFT; legal framework and effectiveness 9. International standards on tax transparency and exchange of information 9.1. Exchange of Information on Request (EOIR) 9.2. Automatic Exchange of Information (AEOI) 10. International standards against agressive tax planning. OECD BEPS project 2
3 1. Andorran legal and tax system LEGISLATIVE POWER Co-princes General Council EXECUTIVE POWER Head of Government Ministries Constitutional Court JUDICIAL POWER High Council of Justice High Court of Justice Public Prosecutor Civil Court Criminal Court Tribunal de Corts (serious offences) Administrative Court Presidency Registry Civil Section Administrative Section Batlles Court Pre-trial proceedings Specialized pre-trial proceedings Juvenile Batllia 3
4 1. Andorran legal and tax system CUSTOMS UNION AGREEMENT 1990 STATE TAX FRAMEWORK Direct taxes Indirect taxes Others Corporate Income Tax (IS) Non-Resident Income Tax (IRNR) Personal Income Tax (IRPF) Capital Gains Tax Indirect General Tax (IGI) Indirect tax on Insurance Services (ISI - Assegurances) Tax on real estate transactions (ITP) Taxes on tobacco, alcohol and hydrocarbure Gambling tax Local taxes Trademark Office Fees Judicial Fees Work Permit Fees Tax rates: IS General 10% Collective investment undertakings 0% IRNR General 10% IRPF General 10% IGI General 4,5% 4
5 2. Institutional regulatory framework Financial supervisory authority Andorran National Institute of Finance (INAF) Public body independent from the Government AML/CFT supervisory authority Andorran Financial Inteligence Unit (UIFAND) Public body independent from the Government Tax competent authority Ministry of Finance Taxes and Borders Department 5
6 3. Andorra and international standards setting bodies IMF Financial stability EU Exchange of information Monetary Agreement AML/CFT Financial legislation Andorra FATF MONEYVAL AML/CFT OECD Exchange of information BEPS 6
7 4. Relevant milestones for the adoption of international regulatory standards February 2007 IMF. Assessment of Financial Sector Supervision and Regulation Regulatory improvements. Law 14/2003, on the Andorran National Finance Institute Aspects to be implemented: Accounting regulatory framework Audit regulatory framework International cooperation Collective Investment Undertakings: regulatory framework and supervision Insurance: regulatory framework and supervision 7
8 4. Relevant milestones for the adoption of international regulatory standards June 2011 Andorra-EU Monetary Agreement Entitled to use euro as official currency Entitled to issue euro coins Transposition of EU legislation - Annex to the Monetary Agreement AML/CFT (18 months) Prevention of fraud and counterfeiting (18 months) Regulation of euro bank notes and coins (12 months) Financial and banking regulation (4-6 years) Joint Committee Andorra-EU. Yearly update of EU legislation «The Principality of Andorra has a significant banking sector which operates in close connection with that of the euro area. Relevant EU banking and financial legislation, legislation concerning the prevention of money laundering, the prevention of fraud and counterfeiting of non-cash means of payment, and statistical reporting requirements should therefore be made progressively applicable to the Principality of Andorra with a view to ensuring a more level playing field.» Sept Completed INAF s adhesion to IOSCO (International Organization of Securities Commissions) 8
9 5. Financial regulatory standards. The EU reference 9
10 5. Financial regulatory standards. The EU reference 10
11 5. Financial regulatory standards. The EU reference The three pillars of the Banking Union Banking Union Single Supervisory Mechanism (SSM) ECB as central prudential supervisor of credit institutions in the Euro area Single Resolution Mechanism (SRM) Single Resolution Board (SRB) as central European resolution authority for the Banking Union Single Resolution Fund replacing national resolution funds European Deposit Insurance Scheme Proposal by EU Commission published in November 2015 Handling of larger shocks and increasing depositor confidence Level playing field for all credit institutions under Banking Union Based on reinsurance approach Political discussion ongoing Single Rulebook: CRD IV / CRR, BRRD, DGSD 11
12 6. Implementation of international regulatory standards Law on solvency and liquidity of financial institutions, of 29 February Consolidated version of SUPERVISION Directive 2006/48/EC relating to the TAKING UP AND PURSUIT OF THE BUSINESS OF CREDIT INSTITUTIONS. 14 June 2006 Law 35/2010, of 3 June, setting out the rules for authorising the creation of new entities operating in the Andorran financial sector. Consolidated version of Law 7/2013, of 9 May, on the legal regime of operating entities of the Andorran legal system Law 8/2013, of 9 May, on requirements and conditions of entities operating in the financial system, investor protection, market abuse, and financial collateral arrangement Law 10/2013, of 23 May, of the Andorran National Institute of Finance RESOLUTION Directive 2014/49/EU establishing the framework for the RECOVERY AND RESOLUTION OF CREDIT INSTITUTIONS AND INVESTMENTS FIRMS. 15 May 2014 Law 8/2015, of 2 April, on urgent measures introducing mechanisms for the recovery and resolution of banking institutions. 26 April 2015 Draft bill to complete transposition at an advanced drafting stage DGS Directive 94/19/EC on DEPOSIT-GUARANTEE SCHEMES and subsequent amendments. 30 May 1994 Directive 2014/49/EU on DEPOSIT GUARANTEE SCHEMES and subsequent amendments. 16 April 2014 Law 1/2011 on the creation of a deposit-guarantee scheme by banking entities. 2 February 2011 (amended by Law 8/2015 on urgent measures for introducing mechanisms for the recovery and resolution of banking institutions) Directive 97/9/EC on INVESTOR-COMPENSATION SCHEMES and subsequent amendments. 3 May 1997 Draft bill transposing Directives to be enacted before year-end 12
13 6. Implementation of international regulatory standards Directive 85/611/EC on certain UNDERTAKINGS FOR COLLECTIVE INVESTMENT in transferable securities (UCITS) and subsequent amendments. 20 December 1985 Law 10/2008 on the rules governing Andorran collective investment undertakings. Consolidated version of IOSCO Directive 2002/47/EC on FINANCIAL COLLATERAL ARRANGEMENTS. 6 June 2002 Multilateral MoU of the International Organization of Securities Commissions (IOSCO). 17 September Criminalization of insider trading and market abuse Qualified Law 18/2013, of 10 October, amending Qualified Law 9/2005, of 21 February, on the Criminal Code Directive 2007/64/EC on PAYMENT SERVICES in the internal market. 13 November 2007 Draft bill on payment services and electronic money under parliamentary process Access to Single European Payment Area (SEPA) in progress 13
14 7. Implementation of AML/CFT international standards FATF RECOMMENDATIONS. June 2003 Law 28/2008, of 11 December, amending the Law on international cooperation in criminal matters and the fight against money laundering and terrorist financing, approved on 20 December 2000 (LCPI) Directive 2005/60/EC, of 26 October, (3rd AML/CFT DIRECTIVE) Directive 2006/70/EC, of 1 August, on PEPs, SDD AND OTHERS Regulation (EC) No 1889/2005, of 26 October, on CONTROLS OF CASH ENTERING OR LEAVING THE COMMUNITY Regulation (EC) No 1781/2006, of 15 November, on INFORMATION ON THE PAYER ACCOMPANYING TRANSFERS OF FUNDS Law 20/2013, of 10 October, amending LCPI. Assessed by EU Comission in 2013 Decree of 20 November 2013, amending the Regulations of the LCPI Council Decision 2000/642/JHA, of 17 October, on EXCHANGE OF INFORMATION BETWEEN MS FIUS Council Framework Decision 2001/500/JHA of 26 June 2001 on money laundering, THE IDENTIFICATION, TRACING, FREEZING, SEIZING AND CONFISCATION OF INSTRUMENTALITIES AND THE PROCEEDS OF CRIME Convention on laundering, search, seizure and confiscation of the proceeds from crime, signed in Strasbourg on 8 November 1990 Council Decision 2007/845/JHA, of 6 December, concerning COOPERATION BETWEEN ASSET RECOVERY OFFICES Qualified Law 19/2013 of 10 October, amending the Criminal Procedure Code of 10 December 1998 Decree of 11 June 2014, approving the regulations on the organisation, functioning and powers of the Asset Recovery Office 14
15 7. Implementation of AML/CFT international standards 40 FATF RECOMMENDATIONS. February 2012 Directive (EU) 2015/849, of 20 May 2015, (4th AML/CFT DIRECTIVE) Regulation (EU) 2015/847, of 20 May 2015, on INFORMATION ACCOMPANYING TRANSFERS OF FUNDS Law 14/2017, of 22 June, on the prevention and fight against money laundering and terrorist financing Regulation (EC) 1889/2005, of 26 October 2005, on CONTROLS OF CASH ENTERING OR LEAVING THE COMMUNITY Council Decision 2000/642/JHA, of 17 October, on EXCHANGE OF INFORMATION BETWEEN MS FIUS Regulations on the Law 14/2017, of 22 June, on the prevention and fight against money laundering and terrorist financing, at a drafting stage Council Framework Decision 2001/500/JHA, of 26 June 2001, on money laundering, THE IDENTIFICATION, TRACING, FREEZING, SEIZING AND CONFISCATION OF INSTRUMENTALITIES AND THE PROCEEDS OF CRIME. Council Decision 2007/845/JHA, of 6 December, concerning COOPERATION BETWEEN ASSET RECOVERY OFFICES 15
16 8. International assessment of AML/CFT; legal framework and effectiveness MONEYVAL evaluation of the AML/CFT regime Fourth Mutual Evaluation Round (March 2012)» Positive assessment of regulatory reforms. KYC framework» Positive assessment of international cooperation Regular follow-up (March 2014) Regular follow-up (April 2015) Enhanced follow-up (September 2015) Fifth Mutual Evaluation Round (September 2017)» Positive assessment of the Andorran progress 16
17 9. International standards on tax transparency and exchange of information 17
18 9.1. Exchange of Information on Request (EOIR) March 2009 September November Paris Declaration. Commitment to adopt international standards on EOIR Law 3/2009, of 7 September, on exchange of information in tax matters upon request Tax Information Exchange Agreements with 24 countries, including Spain, France and Portugal Signature of the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters Double tax treaties with 7 countries, including Spain, France and Portugal 18
19 9.1. Exchange of Information on Request (EOIR) International assessment. OECD Global Forum on Tax Transparency September 2011 Peer review Phase 1 Terms of Reference Domestic legal framework October 2013 Peer review Phase 2. Terms of Reference Practices and procedures Partially compliant June 2017 Fast-track procedure Terms of Reference Both domestic legal framework and practices/procedures Largely compliant 19
20 9.2. Automatic Exchange of Information (AEOI) December 2015 Signature of the OECD Multilateral Competent Authority Agreement Commitment to adopt OECD Common Reporting Standard on financial information First reporting of financial accounts information in 2018 February 2016 Signature of the Andorra-EU Agreement on AEOI Implements the OECD Common Reporting Standard between Andorra and EU member states November 2016 Law 19/2016, of 30 November, on AEOI 20
21 10. International standards against agressive tax planning. OECD BEPS project October 2016 Adhesion to OECD Inclusive Framework on BEPS July 2017 Parliamentary bill amending Law 95/2010, of 29 December, on the Corporate Income Tax. Review of prefrential regimes in accordance with Action 5 of BEPS Project Patent Box regime. Nexus approach Cash pooling regime. Abolishment Introduction of Country-by-country report in accordance with Action 13 of BEPS Project 21
22 BARCELONA BILBAO LISBOA MADRID PORTO VALENCIA BRUXELLES FRANKFURT LONDON NEW YORK BOGOTÁ BUENOS AIRES LIMA CIUDAD DE MÉXICO SANTIAGO DE CHILE SÃO PAULO BEIJING 22
Royal Decree-Law 19/2017 of 24 November on basic payment accounts, account switching and comparability of payment account fees
Royal Decree-Law 19/2017 of 24 November on basic payment accounts, account switching and comparability of payment account fees 28 November 2017 1 Royal Decree-law 19/2017 of 24 November on basic payment
More information(Information) EUROPEAN COMMISSION. MONETARY AGREEMENT between the European Union and the Principality of Andorra (2011/C 369/01)
17.12.2011 Official Journal of the European Union C 369/1 II (Information) INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES EUROPEAN COMMISSION MONETARY AGREEMENT between the
More informationNew European Regulation on the prospectus when securities are offered to the public or admitted to trading
New European Regulation on the prospectus when securities are offered to the public or admitted to trading 3 July 2017 1 Index 1. AMENDMENTS TO THE SCOPE OF APPLICATION AND EXEMPTIONS TO THE OBLIGATION
More informationOfficial Journal of the European Union
23.3.2018 L 81/77 COMMISSION DECISION (EU) 2018/495 of 22 March 2018 amending the Annex to the Monetary Agreement between the European Union and the Vatican City State THE EUROPEAN COMMISSION, Having regard
More informationJosé Lopes da Mota Deputy Prosecutor General Former President of Eurojust
* José Lopes da Mota Deputy Prosecutor General Former President of Eurojust 1 2 Fraud and corruption in health care recognised as a global problem Different players (persons, companies, entities) Acting
More informationStrasbourg, 6 November 2015 C198-COP(2015)PROG3-ANALYSIS
Strasbourg, 6 November 2015 C198-COP(2015)PROG3-ANALYSIS CONFERENCE OF THE PARTIES Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing
More informationThe OECD report on base erosion and profit shifting (BEPS) and EU measures against aggressive tax planning and tax fraud
The OECD report on base erosion and profit shifting (BEPS) and EU measures against aggressive tax planning and tax fraud Pere M. Pons New York, May 6 th, 2013 Agenda I. Background II. Key pressure areas
More informationEconomic and Monetary Union
Economic and Monetary Union Main Euro Cash Legislation 2014 Economic and Financial Affairs Unless otherwise indicated the texts are published under the responsibility of the: European Commission Directorate-General
More informationThe former Yugoslav Republic of Macedonia
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2009)33 The former Yugoslav Republic of Macedonia Progress report 1 21 September
More informationFATF Mutual Evaluation of Ireland 2017
FATF Mutual Evaluation of Ireland 2017 Introduction Background The Financial Action Task Force ( FATF ) was established in 1989 with a high level objective that: Financial systems and the broader economy
More informationMONEY LAUNDERING - The EU and Malta
MONEY LAUNDERING - The EU and Malta Author: George Farrugia α Background The new Prevention of Money Laundering Regulations 2003, which have just been published in August, implement the second European
More informationIntroduction. Regulatory environment in Legal Context
P. 15 Introduction Regulatory environment in 2017 Legal Context As a Spanish credit institution, BBVA is subject to Directive 2013/36/EU of the European Parliament and of the Council dated June 26, 2013,
More informationGovern d Andorra Missió Permanent del Principat d Andorra a l OSCE NOTE VERBALE
Govern d Andorra Missió Permanent del Principat d Andorra a l OSCE FSC.EMI/42/10 1 April 2010 ENGLISH only NOTE VERBALE The Permanent Mission of the Principality of Andorra to the Organization for Security
More informationEurope: Progress in bank resolution and banking union
Europe: Progress in bank resolution and banking union Shaping the New Framework for Global Financial Regulation LACEA & LAMES 2013 Annual Meetings Mexico City, 31 October 2013 Santiago Fernández de Lis
More informationTo the members of the Eurogroup and representatives from Denmark and Bulgaria
Eurogroup The President Brussels, 24 July 2018 ecfin.cef.cpe(2018)4213894 To the members of the Eurogroup and representatives from Denmark and Bulgaria Subject: Ad-hoc meeting of 12 July to discuss the
More informationPractical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance
2007/ACT/WKSP/005 Practical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance Submitted by: United Nations Office on Drugs
More informationMONTENEGRO. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2015)12 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering
More informationScreening report Iceland
20 April 2011 Screening report Iceland Chapter 4 Free movement of capital Date of screening meeting: Bilateral meeting only: 10 December 2010 1 I. CHAPTER CONTENT As regards capital movements and payments,
More informationCORRUPTION. A Reference Guide and Information Note. on the use of the FATF Recommendations. to support the fight against Corruption
FINANCIAL ACTION TASK FORCE CORRUPTION A Reference Guide and Information Note on the use of the FATF Recommendations to support the fight against Corruption The Financial Action Task Force (FATF) is the
More informationINTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS
INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS Luis Rodríguez Sol Prosecutor. Spanish Liaison Magistrate to Italy Leipzig, 29 November 2017
More information4 th ROUND MUTUAL EVALUATION OF AZERBAIJAN
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2018)26-ANALYSIS 4 th ROUND MUTUAL EVALUATION OF AZERBAIJAN EXIT FOLLOW-UP REPORT
More informationTaxation of digital economy: does it require a fundamental change of approach?
Taxation of digital economy: does it require a fundamental change of approach? Pere M. Pons Dublin (Ireland), 19 September 2014 Disclaimer This presentation is a brief summary of the article Taxation of
More informationImproving Global AML/CFT Compliance: Ongoing Process - 19 October 2018
別紙 2-1 Improving Global AML/CFT Compliance: Ongoing Process - 19 October 2018 Paris, France, 19 October 2018 - As part of its ongoing review of compliance with the AML/CFT standards, the FATF identifies
More informationHaving regard to the Treaty establishing the European Community, and in particular Article 47(2), first and third sentences, and Article 95 thereof,
L 344/76 EN Official Journal of the European Communities 28.12.2001 DIRECTIVE 2001/97/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 December 2001 amending Council Directive 91/308/EEC on prevention
More informationHow to improve transparency of corporate ownership structures and beneficial ownership in the AML/CFT framework?
How to improve transparency of corporate ownership structures and beneficial ownership in the AML/CFT framework? Czech Permanent Representation to the European Union 24 October 2017 DG Justice and Consumer
More informationTHE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING
11 THE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING Ján Vyhnálik, Izabela Fendeková National Bank of Slovakia In May of this year, the European Parliament and Council adopted the Directive
More informationEUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC)
Strasbourg, 14 May 2004 MONEYVAL (04) 7Summ EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC) SELECT COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES MONEYVAL SECOND ROUND EVALUATION
More informationLATVIA. Report on Fourth Assessment Visit Summary. Anti-Money Laundering and Combating the Financing of Terrorism
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2012)16 SUMM Report on Fourth Assessment Visit Summary Anti-Money Laundering
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 22 February 2013 Paris, 22 February 2013 - As part of its on-going review of compliance with the AML/CFT
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Strasbourg, 17.4.2018 COM(2018) 213 final 2018/0105 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL laying down rules facilitating the use of financial
More informationTo whom it may concern. Implementation of the 4th EU Anti Money Laundering Directive
To whom it may concern Executive Office/ Legal and International Affairs Contact: Philipp Röser Phone: +423 236 62 37 E-Mail: philipp.roeser@fma-li.li Vaduz, January 18, 2018 AZ: 7404 Implementation of
More informationDelegations will find below a Presidency compromise text on the abovementioned proposal.
Council of the European Union Brussels, 14 November 2016 (OR. en) Interinstitutional File: 2016/0208 (COD) 14433/16 EF 343 ECOFIN 1048 DROIP 185 CRIMORG 147 COTER 113 CODEC 1656 IA 112 FISC 197 NOTE From:
More informationCONFISCATION OF CRIMINAL PROCEEDS IN THE EUROPEAN UNION CRIMINAL LAW
AGORA International Journal of Juridical Sciences, www.juridicaljournal.univagora.ro ISSN 1843-570X, E-ISSN 2067-7677 No. 3 (2013), pp. 1-5 CONFISCATION OF CRIMINAL PROCEEDS IN THE EUROPEAN UNION CRIMINAL
More informationDIRECTIVES. (Text with EEA relevance) Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
19.6.2018 Official Journal of the European Union L 156/43 DIRECTIVES DIRECTIVE (EU) 2018/843 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 30 May 2018 amending Directive (EU) 2015/849 on the prevention
More informationGeneral overview on foreign investments in Cuba. Carlos López-Quiroga Lourdes Dávalos León
General overview on foreign investments in Cuba Carlos López-Quiroga Lourdes Dávalos León June 12, 2017 1 Introduction Updating the Cuban social and economic model Lineamientos (Guidelines) Approved in
More informationImproving Global AML/CFT Compliance: On-going Process - 24 February 2017
Improving Global AML/CFT Compliance: On-going Process - 24 February 2017 Paris, France, 24 February 2017 - As part of its on-going review of compliance with the AML/CFT standards, the FATF identifies the
More informationAndorra. Anti-money laundering and counter-terrorist financing measures. Fifth Round Mutual Evaluation Report MONEYVAL(2017)12
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2017)12 Anti-money laundering and counter-terrorist financing measures Andorra
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 21 June 2013 Oslo, Norway, 21 June 2013 - As part of its on-going review of compliance with the AML/CFT
More informationTEXTS ADOPTED Provisional edition
European Parliament 2014-2019 TEXTS ADOPTED Provisional edition P8_TA-PROV(2018)0178 Prevention of the use of the financial system for the purposes of money laundering or terrorist financing ***I European
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 24 October 2014 Paris, 24 October 2014 As part of its on-going review of compliance with the AML/CFT
More informationSpain and EU tax update 2016: special focus on LATAM cross-border implications
Spain and EU tax update 2016: special focus on LATAM cross-border implications Pere M. Pons New York, May 2nd 2016 Brief notes on the State Aid cases in EU Tax ruling practice in Spain Transparent and
More informationLatvia. Progress report 1. 9 December 2009 MONEYVAL(2009)39. 1 Second 3 rd Round Written Progress Report Submitted to MONEYVAL
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2009)39 Latvia Progress 1 9 December 2009 1 Second 3 rd Round Written Progress
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 27 June 2014 Paris, 27 June 2014 - As part of its on-going review of compliance with the AML/CFT standards,
More informationPROJECT AGAINST CORRUPTION IN ALBANIA (PACA) TECHNICAL PAPER
PROJECT AGAINST CORRUPTION IN ALBANIA (PACA) TECHNICAL PAPER ASSESSMENT OF THE REVISED PROPOSED AMENDMENTS TO THE LAW ON PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING Opinion of the Department
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 14 February 2014 Paris, 14 February 2014 - As part of its on-going review of compliance with the AML/CFT
More informationCouncil of the European Union Brussels, 4 December 2018 (OR. en) Anti-Money Laundering Action Plan - Council Conclusions (4 December 2018)
Council of the European Union Brussels, 4 December 2018 (OR. en) 15164/18 OUTCOME OF PROCEEDINGS From: General Secretariat of the Council On: 4 December 2018 To: Subject: Delegations EF 313 ECOFIN 1168
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 18 October 2013 Paris, 18 October 2013 - As part of its on-going review of compliance with the AML/CFT
More informationFrequently Asked Questions Protection of the euro and other currencies against counterfeiting
EUROPEAN COMMISSION MEMO Brussels, 6 May 2014 Frequently Asked Questions Protection of the euro and other currencies against counterfeiting Why do we need to protect the euro and other currencies? Counterfeiting
More informationConsultation Paper. The Review of the Standards Preparation for the 4 th Round of Mutual Evaluation. Second public consultation
Financial Action Task Force Groupe d action financière Consultation Paper The Review of the Standards Preparation for the 4 th Round of Mutual Evaluation Second public consultation June 2011 THE FINANCIAL
More informationINTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS
INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS Luis Rodríguez Sol Prosecutor. Spanish Liaison Magistrate to Italy Malta, 11 June 2018 To fight
More informationDelegations will find below a Presidency compromise text on the abovementioned proposal.
Council of the European Union Brussels, 13 December 2016 (OR. en) Interinstitutional File: 2016/0208 (COD) 15468/16 EF 385 ECOFIN 1180 DROIP 215 CRIMORG 181 COTER 132 CODEC 1874 IA 139 FISC 234 NOTE From:
More informationEuropol and the Criminal Law: Approximation of Substantive Crimes and Procedural Rules as Prerequisite for Cross-Border Task Forces?
Europol and the Criminal Law: Approximation of Substantive Crimes and Procedural Rules as Prerequisite for Cross-Border Task Forces? Prof. dr. Gert Vermeulen Ghent University 6 October 2000 Seminar A Legal
More informationCouncil of the European Union Brussels, 23 November 2018 (OR. en)
Council of the European Union Brussels, 23 November 2018 (OR. en) 14387/18 EF 293 ECOFIN 1061 DROIP 177 CRIMORG 158 CT 190 FISC 496 COTER 167 'I/A' ITEM NOTE From: To: Subject: General Secretariat of the
More informationCouncil of Europe COMMITTEE OF MINISTERS
Word FranГais Explanatory Memorandum Council of Europe COMMITTEE OF MINISTERS Recommendation Rec(2001)11 of the Committee of Ministers to member states concerning guiding principles on the fight against
More informationScreening report Serbia
ORIGIN:COMMISSION WP ENLARGEMENT + COUNTRIES NEGOTIATING ACCESSION TO EU MD 2/16 11.01.16 Screening report Serbia Chapter 4 Free movement of capital Date of screening meetings: Explanatory meeting: 13
More informationFRANCE BENEFICIAL OWNERSHIP TRANSPARENCY
FRANCE BENEFICIAL OWNERSHIP TRANSPARENCY France is fully compliant with two of the G20 Principles. The ability of competent authorities to access beneficial ownership could be significantly strengthened
More informationIMPLEMENTING THE REVISED PARENT SUBSIDIARY DIRECTIVE ACROSS THE EU
BONELLIEREDE BREDIN PRAT DE BRAUW HENGELER MUELLER SLAUGHTER AND MAY URÍA MENÉNDEZ IN COOPERATION WITH: ARENDT & MEDERNACH BÄR & KARRER MCCANN FITZGERALD IMPLEMENTING THE REVISED PARENT SUBSIDIARY DIRECTIVE
More informationEUR-Lex D EN
Page 1 Avis juridique important 32004D0515 2004/515/EC:Council Decision of 14 June 2004 on the principles, priorities and conditions contained in the European Partnership with Bosnia and Herzegovina Official
More informationCYPRUS BAR ASSOCIATION
Significant amendments to the Prevention and Suppression of Money Laundering and Terrorist Financing Law (188 (I)/2007). 1. Article (2) Definitions: politically exposed persons (PEP) The definition of
More informationSecond Evaluation Round
DIRECTORATE GENERAL OF HUMAN RIGHTS AND LEGAL AFFAIRS DIRECTORATE OF MONITORING Strasbourg, 5 December 2008 Public Greco RC-II (2006) 3E Addendum Second Evaluation Round Addendum to the Compliance Report
More informationPresentation with respect to the FATF. Prakash Mungra GM Supervisory Issues
Presentation with respect to the FATF Mutual Evaluation Report Aruba Prakash Mungra GM Supervisory Issues 1 Contents presentation I. 40 + 9 FATF Recommendations II. FATF evaluation of 24 November - 5 December
More informationTHE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME
THE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME ----------------------------------------------------------------- NATIONAL STRATEGY JANUARY 2010 1 TABLE OF
More informationESTONIA. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2014)20 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering
More informationStrasbourg, 11 February 2000 PC -R-EV (99) 28 Summ. EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC)
Strasbourg, 11 February 2000 PC -R-EV (99) 28 Summ. EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC) Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (PC -R-E V ) FIRST MUTUAL
More informationFINANCIAL ACTION TASK FORCE. Mutual Evaluation Fourth Follow-Up Report. Anti-Money Laundering and Combating the Financing of Terrorism SPAIN
FINANCIAL ACTION TASK FORCE Mutual Evaluation Fourth Follow-Up Report Anti-Money Laundering and Combating the Financing of Terrorism SPAIN 22 October 2010 Following the adoption of its third Mutual Evaluation
More informationREPUBLIC OF NAMIBIA NATIONAL STRATEGY ANTI-MONEY LAUNDERING COMBATTING THE FINANCING OF TERRORISM
REPUBLIC OF NAMIBIA NATIONAL STRATEGY ON ANTI-MONEY LAUNDERING AND COMBATTING THE FINANCING OF TERRORISM 2 GLOSSARY AND ABBREVIATIONS ACC AML AMLAC BoN CFT DNFBPs ESAAMLG FATF FI Anti-Corruption Commission
More informationExecutive Summary. A. Key Findings
Executive Summary 1. This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Portugal as of the date of the on-site visit (28
More informationPE-CONS 72/17 DGG 1B EUROPEAN UNION. Brussels, 26 April 2018 (OR. en) 2016/0208 (COD) PE-CONS 72/17
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 26 April 2018 (OR. en) 2016/0208 (COD) PE-CONS 72/17 EF 348 ECOFIN 1142 DROIP 195 CRIMORG 219 COTER 163 CODEC 2119 LEGISLATIVE ACTS AND OTHER
More informationMontenegro Fifth Compliance Report
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2017)16_ANALYSIS Montenegro Fifth Compliance Report Written analysis on progress
More informationAN OVERVIEW OF THE UN CONVENTIONS AND THE INTERNATIONAL STANDARDS CONCERNING ANTI-MONEY LAUNDERING LEGISLATION
ANTI-MONEY LAUNDERING UNIT/ G LOBAL PROGRAMME AGAINST MONEY LAUNDERING AN OVERVIEW OF THE UN CONVENTIONS AND THE INTERNATIONAL STANDARDS CONCERNING ANTI-MONEY LAUNDERING LEGISLATION Vienna, February 2004
More informationGENERAL SCHEME OF A CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) BILL
1 GENERAL SCHEME OF A CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) BILL CONTENTS PAGE HEAD 1 - SHORT TITLE, COLLECTIVE CITATION AND 5 COMMENCEMENT HEAD 2 - INTERPRETATION 6 HEAD
More informationWritten Questions from the EP PANA Committee to the Channel Islands Responses from the Government of Guernsey
Written Questions from the EP PANA Committee to the Channel Islands Responses from the Government of Guernsey Introductory note This note provides answers to the written questions from the members of the
More informationEXECUTIVE SUMMARY. Executive Summary. Key Findings
. Executive Summary 1. This report provides a summary of the AML/CFT measures in place in Ireland as at the date of the on-site visit from 3-17 November 2016. It analyses the level of compliance with the
More informationINCEPTION IMPACT ASSESSMENT. A. Context, Subsidiarity Check and Objectives
TITLE OF THE INITIATIVE LEAD DG RESPONSIBLE UNIT AP NUMBER LIKELY TYPE OF INITIATIVE INDICATIVE PLANNING INCEPTION IMPACT ASSESSMENT Proposal for a Directive of the European Parliament and of the Council
More informationThe bank safety net: institutions and rules for preserving the stability of the banking system
The bank safety net: institutions and rules for preserving the stability of the banking system Professor Dr. Christos V. Gortsos Professor of Public Economic Law, Law School, National and Kapodistrian
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions Improving Global AML/CFT Compliance: on-going process - 22 June 2012 Rome, 22 June 2012 - As part of its on-going review of compliance with the AML/CFT standards,
More informationCOMMISSION STAFF WORKING DOCUMENT
EUROPEAN COMMISSION Brussels, 28.11.2016 SWD(2016) 426 final COMMISSION STAFF WORKING DOCUMENT Implementation Plan for Directive (EU) 2016/681 of the European Parliament and of the Council of 27 April
More informationThe Fight against Money Laundering
The Fight against Money Laundering Monique EGLI COSTI Visiting Scholar Victoria University of Wellington Law School, New Zealand Kobe Seminar on International Law Regulation of Cross-Border Economic Crime
More informationInternational Diploma in Compliance. Syllabus
International Diploma in Compliance Syllabus Module 1 - Unit 1: Understanding the Regulatory Environment The objectives of financial services regulation The history of financial services regulation International
More informationANTI -MONEYLAUNDERING
ANTI -MONEYLAUNDERING Elena Frixou Association of Cyprus Banks 5 th Cyprus Professional Services Conference, 18 September 2013, Nicosia GENERAL INTRODUCTION TO MONEY LAUNDERING 1. Money Laundering in the
More informationU.S. AFAR Action Plan Implementation Road Map
Action Plan commitment Progress so far Timetable for next steps Seek to enhance responsiveness: Take into account the importance of transition countries requests for case assistance in recovering proceeds
More informationAnti Money Laundering - The road to effectiveness. Thursday, 29 November 2012 Reykjavik, Iceland Special Adviser RUNE GRUNDEKJØN
Anti Money Laundering - The road to effectiveness Thursday, 29 November 2012 Reykjavik, Iceland Special Adviser RUNE GRUNDEKJØN 2 Agenda Introduction FATFs new 40 on the road to effectiveness Effectiveness
More informationFIRST ROUND MUTUAL EVALUATIONS - POST EVALUATION PROGRESS REPORT OF LESOTHO
FIRST ROUND MUTUAL EVALUATIONS - POST EVALUATION PROGRESS REPORT OF LESOTHO Covering the period August 2016 July 2017 ESAAMLG (2017), First Round Mutual Evaluation - Post Evaluation Progress Report of
More informationCross-Border Cooperation. Denada Prifti SRB - Resolution Planning and Decisions, Head of Unit
Cross-Border Cooperation Denada Prifti SRB - Resolution Planning and Decisions, Head of Unit 19 April 2017 Content 1 European banks operations 2 Resolution Colleges at a Glance 3 CMG vs. RC 4 Resolution
More informationRegulatory Update February 2008
Regulatory Update February 2008 (Incorporating Financial Statistics for the Quarter ended September 2007) Protection Integrity Accountability C O N T E N T S Regulatory, Legislative and Other Developments.
More informationKingdom of Denmark. Mutual Evaluation Third Follow-Up Report. Anti-Money Laundering and Combating the Financing of Terrorism
FINANCIAL ACTION TASK FORCE Mutual Evaluation Third Follow-Up Report Anti-Money Laundering and Combating the Financing of Terrorism Kingdom of Denmark 22 October 2010 Following the adoption of its third
More informationANDORRA AND ITS FINANCIAL SYSTEM 2015 ASSOCIACIÓ DE BANCS ANDORRANS
ANDORRA AND ITS FINANCIAL SYSTEM 2015 A B A ASSOCIACIÓ DE BANCS ANDORRANS ANDORRA AND ITS FINANCIAL SYSTEM 2015 A B A ASSOCIACIÓ DE BANCS ANDORRANS Published by the Association of Andorran Banks (ABA)
More informationCRS-2 develop and promote policies to combat money laundering and terrorist financing. 3 Recently, China and South Korea were granted observer status,
Order Code RS21904 Updated January 30, 2008 Summary The Financial Action Task Force: An Overview James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division
More informationItaly Asset Recovery Action Plan Implementation Road Map 2013
Italy Asset Recovery Action Plan Implementation Road Map 2013 Action Plan commitment Progress so far Timetable for next steps Seek to enhance responsiveness: Take into account the importance of transition
More informationGIBRALTAR AND TAXATION
GIBRALTAR AND TAXATION Gibraltar is a British Overseas Territory. As such, it does not form part of the United Kingdom. Gibraltar s system of governance is set out in the Gibraltar Constitution 2006, which
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES REPORT FROM THE COMMISSION
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 25.10.2004 COM(2004) 709 final REPORT FROM THE COMMISSION Implementation by Member States of the Convention on the Protection of the European Communities
More informationHungary. Fifth Round Mutual Evaluation Report. Executive Summary. Key Findings
COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) Hungary MONEYVAL(2016)13 SUMM Fifth Round Mutual Evaluation Report Executive Summary This
More informationINTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA. Fifth Follow Up Report. Mutual Evaluation
INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA Fifth Follow Up Report Mutual Evaluation THE GAMBIA NOVEMBER 2012 2014 GIABA. All rights reserved. No reproduction or translation
More informationCOMMISSION STAFF WORKING DOCUMENT Accompanying the document. Report from the Commission to the European Parliament and the Council
EUROPEAN COMMISSION Brussels, 26.6.2017 SWD(2017) 241 final PART 1/2 COMMISSION STAFF WORKING DOCUMENT Accompanying the document Report from the Commission to the European Parliament and the Council on
More informationLegislative Amendments 2014: FIU Act & MLTPA. Presentation by: Eric Eusey Director Financial Intelligence Unit
Legislative Amendments 2014: FIU Act & MLTPA Presentation by: Eric Eusey Director Financial Intelligence Unit Financial Intelligence Unit (Amendment) Act, 2014 Objects Make Belize compliant with international
More informationMember States capabilities in fighting tax crimes
Legal text Portugal Nature of the offence Tax avoidance is understood as a legal act - unless deemed illegal by the tax authorities or, ultimately, by the courts - of using tax regimes to one's own advantage
More informationFINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING THE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING
FINAL FATF-VII ANNEX 1 FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING THE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING 28 June 1996 1 Introduction 1. The Financial Action
More informationANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP
ANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP AN ISLAND STRATEGY TO COUNTER MONEY LAUNDERING AND THE FINANCING OF TERRORISM UPDATE MARCH 2011 Contents 1 Introduction...3 2
More informationNEWS BREXIT NEXT STEPS FOLLOWING THE TRIGGERING OF ARTICLE 50. Background. Brexit the timeline for withdrawal
MARCH 2017 BREXIT NEXT STEPS FOLLOWING THE TRIGGERING OF ARTICLE 50 Background On 29, the UK notified the European Council of its intention to withdraw from the EU, pursuant to Article 50 of the Treaty
More informationSingle Resolution Mechanism
Single Resolution Mechanism A pro-active approach to resolution planning November 2015 Executive summary Over the coming year, the Single Resolution Mechanism (SRM) will undertake two exercises that will
More information