The Sixth AML Directive is already on its way

 On 12 November 2018, there was published in the Official Journal of the EU Directive (EU) 2018/1673 on combating money laundering by criminal law.

The 4th Directive focused on risk, the 5th Directive focuses on risk transparency, the upcoming 6th Directive will focus on criminal offences and penalties.

The Directive provides a harmonised list of 22 predicate offences, which include cybercrime, aiding and abetting, inciting and attempting money laundering. 

The Directive shall enter into force on 2 December 2018 and Member States must transpose the Directive into national law by 3 December 2020.

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IMF - Cyprus

  • Cyprus is recovering strongly following the 2012–13 crisis. 
  • The banking sector faces one of the highest non-performing loan ratios in Europe. 
  • NPL ratios are among the highest in Europe.  
  • The transition to public insurance in the health sector should be carefully managed.
  • Legislation to strengthen the governance and autonomy of the Central Bank of Cyprus and encouraged further efforts to mitigate AML/CFT risks .
  • Need to enhance the governance and supervisory framework for the recently established "Estia".
  •  Compliance with AML/CFT standards by the sectors involved in the CbI scheme and supervision of those sectors for compliance with requirements should be ensured . 

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Annual General Meeting

The Annual General Meeting of the Cyprus Financial Services Firms Association for the year 2017 will be held on Monday the 17th of December 2018 at the premises of Eurolife Building, 4th Evrou Street, Nicosia. 

The agenda of the coming Annual General Meeting will be as follows:

4:45 pm – 5:10 pm  Arrival and registration of Members

5:15 pm Opening of the General Meeting’s Business.

Approval of the financial accounts for the years 2015, 2016 and 2017

Auditors’ appointment and remuneration for the next year  

Amendments of the Articles of the Association (Special Business)

Election of the Board of Directors (Special Business)

6:45pm End of Business 

Priority dossiers under the Romanian EU Counscil Presidency

Romania will hold the EU Council Presidency from January to July 2019. Its Presidency comes at the end of the European Parliament’s current legislative term, with European elections taking place on 23-26 May 2019. This is the first time that Romania holds the EU Council Presidency since joining the European Union on 1 January 2007. Romania has a bicameral legislature. The Parliament consists of the Senate (the upper house) having 137 seats and the Chamber of Deputies (the lower house) with 332 seats. The members of both houses are elected by direct, popular vote on the basis of proportional representation to serve four-year terms. The executive branch of the Government is directly or indirectly dependent on the support of the parliament, often expressed through a vote of confidence. The Social Democratic Party (PSD) heads the current governmental alliance with the centre-right Liberal-Democrat Alliance (ALDE). Romania is a semi-presidential republic, with Klaus Iohannis as President in office since November 2014, and the current Prime Minister, Viorica Dancila (PSD), in office since January 2018. 

Pan-European personal pension product (PEPP)

On 19 June 2018, the European Council agreed a general approach on a pan-European personal pension product (PEPP) and the ECON Commitee voted its report and negotiating mandate on September 3rd, hence trilogues have started. 

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Brexit - The Paper


On 28 November 2018, the Department for Exiting the European Union (DexEU) published a command paper on the long-term economic analysis of the UK’s withdrawal from the EU (the Paper), together with a number of supporting documents.

The analysis compares potential future policy scenarios against today’s arrangements, holding all other factors constant – only considering directly the impact on the economy of the UK’s withdrawal from the EU. The analysis within the Paper is derived from four scenarios. 

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