Insider Dealing and Money Laundering in the Eu: Law and Regulation

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At the same time, it has also announced its priorities. The objective of the Basel market risk framework is to ensure that banks hold enough regulatory capital to protect against losses arising from movements in market prices of instruments held in their trading book.

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The Committee has provided further guidance on the regulatory book to which instruments should be assigned in circumstances where instruments could go into more than one book and has revised the treatment of structural foreign currency positions. The revised framework also allows equity investments in funds to be allocated to the trading book, provided that a bank: i is able to "look through" to the fund's underlying assets; or ii has access both to daily price quotes and to the information contained in the mandate of the fund. Revise the internal model approach to address implementation challenges, in particular, by amending the profit and loss attribution PLA test metric and failure consequence.

Amend the standardized model approach. The approach to measuring risk factor losses was too high in relation to the actual risk and there was unnecessary operational burden. The changes in the standardized approach include widening the scope of currency pairs that are considered liquid in the FX risk class to ensure more currency pairs are subject to lower risk weights and introducing new "index" buckets for equity and credit spread risks so that each underlying position in an index does not need to be identified.

Government has announced the establishment of a new government taskforce to fight against financial crime. It will set priorities, direct resources and scrutinise performance against the economic crime threat. View the announcement. Like the European Banking Authority, which published a report on the same day in relation to banking sector issues, ESMA found that EU activities related to crypto-assets are fairly low and do not present any financial stability risks.

ESMA's report focuses on the legal qualification of crypto-assets under EU financial securities laws and highlights that this may differ across EU member states because it will be subject to the national laws implementing EU legislation. ESMA notes that there is currently no legal definition of crypto-assets and that a key consideration is whether a crypto-asset qualifies as a financial instrument under the revised Markets in Financial Instruments package.

Where a crypto-asset qualifies as a MiFID financial instrument, the full requirements under various securities legislation may apply, subject to any applicable exemptions.

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According to ESMA, the rules in the Prospectus Directive would apply to an issue of crypto-assets offered to the public, including through an ICO, where the instruments are transferable securities. The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report confirms that EU activities related to crypto-assets are fairly low and do not present any financial stability risks. The European Securities and Markets Authority also published a similar report covering Initial Coin Offerings issues within its remit on the same day.

The Act's provisions empower the U. Government to make sanctions regulations to be imposed, where appropriate, to comply with United Nations obligations or other international obligations, to further the prevention of terrorism, for the purposes of national security or international peace and security, or to further foreign policy objectives.

The Act also empowers the U. Government to create, amend and update regulations for the detection, investigation and prevention of money laundering and terrorist financing and for the purposes of implementing standards published by the Financial Action Task Force relating to combating threats to the integrity of the international financial system. The Act received Royal Assent and came partly into force on May 23, The remaining Provisions of the Act that will be brought into force at a later date include the provisions related to anti-money laundering.

The Financial Stability Board has published a progress report addressed to the G20 Finance Ministers and Central Bank Governors on the FSB's four-point action plan to assess and address the decline in correspondent banking relationships. The data report shows a further decline in active correspondent banking relationships in The draft Regulations introduce no material policy changes. Their purpose is to correct deficiencies in U.

In the U. The new Directive will enter into force on December 3, EU member states that have adopted the Directive must transpose the new provisions into national law by December 3, The Joint Committee of the European Supervisory Authorities have launched a consultation on draft joint guidelines on the cooperation and information exchange between national regulators supervising banks and other financial institutions for compliance with Anti-Money Laundering and Countering the Financing of Terrorism rules.

The Fourth Money Laundering Directive requires that EU member states allow, without undue restriction, the exchange of information and provision of assistance between national regulators. The ESA's proposed guidelines aim to set out how that can be achieved in practice. The ESAs are proposing that a college of supervisors should be established where a financial institution is supervised in three or more EU member states. The draft guidelines set out rules on the establishment and operation of the colleges.

For firms that do not require a college but which operate in two member states, the ESAs propose a process for the bilateral exchange of information between national regulators.

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The consultation closes on February 8, View the consultation paper. The FATF has developed the Guidance in conjunction with the private sector, to assist governments, regulators, Financial Intelligence Units and participants in the securities sector to adopt a risk-based approach to anti-money laundering and countering the financing of terrorism. Separate sections provide specific guidance to securities providers and intermediaries and to securities supervisors on the effective implementation of a risk-based approach.

Annexes provide examples of supervisory practices that have been adopted and examples of suspicious activity indicators relevant to securities. The Guidance is non-binding. View the final Guidance. View details of the consultation on draft Guidance.

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Understanding risks and opportunities arising from financial innovation. Collecting, disseminating and analyzing banking data. Ensuring a smooth relocation of the EBA to Paris. Fostering the increase of the loss-absorbing capacity of the EU banking system. The EBA also confirms that work related to Brexit will remain a horizontal priority for the EBA in and explains that the EBA's other activities may be affected in the future by Brexit-related developments.

Insider Dealing and Money Laundering in the EU: Law and Regulation

Should that be the case, any substantial change in the work programme will be communicated in due time, in order to seek steering and approval from its Management Board and Board of Supervisors. Serious Fraud Office has charged a former banker with conspiracy to defraud, as part of its investigation into the manipulation of the Euro Interbank Offered Rate. The former banker was arrested in Italy in August after his trip to the country activated a European Arrest Warrant that had been secured by the SFO in Italian authorities ruled on October 12, that he should be extradited to the U.

The next hearing will take place at Southwark Crown Court on October 24, View the SFO's announcement. The purpose of the report is to provide advice to ESMA on steps it might take to contain the risks of Initial Coin Offerings and crypto-assets, on top of existing regulation.

The acronym "ICO" is used to refer to an initial offering of any crypto-asset. The report sets out a taxonomy of crypto-assets, based on the distinction between payment tokens, utility tokens, asset tokens and hybrids used by the Swiss Financial Market Supervisory Authority FINMA. One of the major initiatives covered by the plenary was the regulation of virtual assets.

How does the EU pass new laws?

The FATF has done this to clarify that its standards apply to exchanges, wallet providers and providers of financial services for Initial Coin Offerings. However, jurisdictions are able to choose which category of regulated entity virtual asset service providers should fall into. Foreign and Commonwealth Office has published guidance on the U. If there is no deal, the U. In the event of a "hard Brexit," the U. The FCO would publish the names of individuals and organizations subject to U.

The Work Programme provides details of the Joint Committee's key workstreams for OFSI was established in March with the objective of raising awareness of financial sanctions, assessing and addressing suspected sanctions breaches and providing a professional service to the public and industry. The Annual Review provides an overview of: U. This includes: i a plan to improve searchability of OFSI's Consolidated List of financial sanctions targets; ii potentially imposing monetary penalties in ; iii further activities to raise awareness, including the publication of more targeted guidance on financial sanctions compliance and on changes to the legal framework for sanctions; and iv Brexit preparations.

View the Annual Report. The Financial Conduct Authority has published a report on the outcome of its thematic review into money laundering and terrorist financing risks in the e-money sector. The report focuses on e-money products, including prepaid cards and digital wallets. The FCA assessed the anti-money laundering and counter-terrorist financing controls of 13 authorized Electronic Money Institutions and registered small Electronic Money Institutions. The review included consideration of business models that involve distributing e-money through agents and distributors.

The FCA's review did not cover activities that are not regulated by the FCA for instance, gift cards that can be used only within a limited network or prepaid products denominated in a cryptocurrency or money remittance services provided by the EMIs. Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and National Credit Union Administration released an interagency statement regarding the sharing of Bank Secrecy Act resources among banks through collaborative arrangements intended to improve efficiency, reduce costs, and benefit from specialized expertise by pooling resources among banks.