Friday, June 5, 2015

Automatic Exchange of Information between Switzerland and the EU

Switzerland and the European Union (“EU”) have signed an agreement for the automatic exchange of information (“AEOI”) on the financial accounts of each other's residents from 2018. With the signing of the AEOI agreement, specific agreements with individual EU countries will no longer be necessary.

Read our update on the topic here.

EU Issues Fourth Money Laundering Directive

The European Parliament has passed the Fourth Money Laundering Directive (“MLD4”) to combat money laundering and terrorist financing in the European Union ("EU"). The new anti-money laundering ("AML") framework will enable the different Member States to work together in identifying and following suspicious transactions as well as to facilitate the exchange of information. Money laundering and terrorist financing are frequently carried out internationally and hence, measures adopted at national or at union level will be insufficient if international coordination and cooperation is not taken into account. The Directive sets out the preventive measures to curb money laundering and terrorist financing.