EBA CONCLUDES ITS LUANDA LEAKS INVESTIGATION – SIGNIFICANT DIFFERENCES IN COMPETENT AUTHORITIES’ RESPONSES TO EMERGING MONEY LAUNDERING AND TERRORIST FINANCING RISKS

A news release from the European Banking Authority on 22 February advised that the EBA has released the findings of its assessment of competent authorities’ responses to the 2020 Luanda leaks.  It found that competent authorities across the EU adopted significantly different approaches for identifying and tackling money laundering (ML) and terrorist financing (TF) risks highlighted by the leaks.  These approaches varied beyond what the EBA would have expected under a risk-based approach.  The Luanda Leaks involved information contained in the documents leaked by the International Consortium of Investigative Journalists (ICIJ) on the financial affairs of Isabel dos Santos or her associates raised a number of concerns included the risk that financial institutions in the EU were handling the proceeds from corruption in Angola.

https://www.eba.europa.eu/eba-concludes-its-luanda-leaks-investigation-and-points-significant-differences-competent

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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