Ballard Spahr LLP (JD Supra European Union)
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Council of the European Union Unveils Ambitious New AML Action Plan
On November 5, 2020, the Council of the European Union approved a new action plan to strengthen anti-money laundering and combatting terrorism financing across the EU. The Action Plan, “an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing,” appears to be motivated by the perceived failures in preventing the Danske Bank scandal (which we’ve blogged
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EDPB Clarifies Privacy Rules for COVID-19
The successful management of COVID-19 relies on the quick analysis and collection of health data, which can raise privacy issues particularly in the European Union.
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Making Sense of EU Cookie Law in the Wake of CJEU’s Planet49 Ruling
The perplexing question of what U.S. companies must do to comply with EU “cookie” law became slightly more clear with the recent decision of the European Court of Justice (CJEU) in Planet49 GmbH, but numerous questions still remain. A main source of confusion about cookies is the interplay between two EU privacy laws, the ePrivacy Directive and the GDPR. The former governs, among other things,...
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The EU’s Efforts to Combat Money Laundering, the Financing of Terrorism and Corruption Seem to Overlook a Very American Approach: Prosecute People
The European Union (“EU”) recently has grappled with a series of massive money laundering scandals and strategized about how to more effectively combat international money laundering and corruption. Generally, the EU has continued to issue a series of reports identifying systemic vulnerabilities to money laundering and suggest process-based recommendations for how to address future threats.
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Massive Danske Bank Money Laundering Scandal Continues to Unfold
The Danske Bank money laundering scandal continues to reveal its many permutations and confirm its status as the largest money laundering case in history.
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Europe Increasingly Views United States as Faltering in Fight Against Money Laundering
As we have blogged, the United States – despite its self-perception as a global financial cop and “good guy” – is often regarded by the world as a haven for money laundering and tax evasion.
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European Court Rules That Merely Hyperlinking Is Not Defamatory
Here is a sentence we don't write very often: A decision this week of the European Court of Human Rights has brought U.S. and European defamation law into greater alignment. Well, at least regarding hyperlinks to defamatory content.
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Recent Nordic Scandals Involving ING Bank and Danske Bank Underscore the European Union’s Vulnerabilities to Money Laundering
In the wake of this week’s revelations of years-long and significant alleged money laundering failures involving ING Bank and Danske Bank, European regulators have circulated a confidential “reflection paper” warning national governments and the European Parliament about shortcomings in the European Union’s (“EU”) anti-money laundering (“AML”) efforts and providing recommendations to strengthen...
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The Fifth Anti-Money Laundering Directive: Extending the Scope of the European Union’s Regulatory Authority to Virtual Currency Transactions
On April 19, 2018, the European Parliament (“EP”) adopted the European Commission’s (the “Commission”) proposal for a Fifth Anti-Money Laundering Directive (“AMLD5”) to prevent terrorist financing and money laundering through the European Union’s (“EU”) financial system.
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EU Adopts Regulations Increasing Transparency in Virtual Currency Trading to Combat Money Laundering, Tax Evasion, and Terrorism Financing
After over a year of negotiations, the European Parliament and its executive arm, the European Council, recently agreed to an amendment to the Fourth Anti-Money Laundering Directive to include measures targeting exchange platforms for virtual currencies, such as Bitcoin, as well as prepaid cards.
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Protecting Prestige: EU Decision Safeguards Sale of Luxury Brands From Online Marketplaces
In a major victory for luxury brands in Europe that could have far-reaching effects on e-commerce sales of luxury products in the future, the European Court of Justice (COJ) recently held that a luxury goods supplier can stop authorized distributors from selling those products through third-party online marketplaces such as Amazon and eBay.
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Article 29 Working Party Issues Guidance on Breach-Notification Obligations under GDPR
The Article 29 Working Party (WP29) recently issued guidelines regarding data controllers' notification obligations following security breaches involving the personal data of EU citizens.
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Lawyers as “Gate Keepers” – The European Parliament Examines the Roles of Attorneys in Tax Evasion and Laundering Schemes
Starting on April 27, and finishing on May 2, the European Parliament (EP)’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) is holding two meetings to present several related studies which address the impact of, and the fight against, tax evasion and money laundering, particularly in light of the Panama Papers scandal.
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European Parliament: The U.S. is a Haven for Tax Cheats and Money Launderers
Earlier this week, we blogged about how the United States recently declared the Philippines to be a “major money laundering country.” On the same day of our post, March 7, the European Parliament (EP) issued a Report which describes the United States as a growing haven for tax evasion and money laundering. Specifically, the Report concludes that the United States “is seen as an emerging leading
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AML Rules for Payment Industry Proposed by European Union Regulators
The Joint Committee of the European Supervisory Authorities (ESA) issued on February 10, 2017 draft rules regarding certain anti-money laundering (AML) and counter-terrorism steps for Member States of the European Union (EU). The draft rules seek to provide a consistent framework for payment service providers or electronic money issuers which provide cross-border services within the EU, and which
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EU e-Privacy Regulation Raises Stakes for Compliance
The European Commission's proposed e-privacy regulation sets forth obligations on handling electronic communications and clarifies obligations for seeking consent for the use of cookies. Meant to bring the e-privacy directive in line with the General Data Protection Regulation (GDPR), the regulation imposes steep penalties for failure to comply for companies worldwide, including in the United...
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European Court Of Justice Rules That Dynamic IP Addresses Can Be Personal Data
In a ruling with significant potential impact, the Court of Justice of the European Union (CJEU) has ruled that a dynamic internet protocol (IP) address may constitute "personal data" under EU Data Protection Directive (EC/95/46). If the person's identity can be combined by using the IP address and additional data, the EU Data Protection Directive applies.
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Supreme Court Clarifies Extraterritorial Reach of RICO
In an unusual four-member majority opinion in RJR Nabisco, Inc. v. European Community, the U.S. Supreme Court settled a host of controversial questions about the extraterritorial scope of the Racketeer Influenced and Corrupt Organizations Act (RICO). The decision, announced June 20, 2016, bolsters the ability of federal prosecutors to pursue cases based on foreign misconduct by foreign...
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European Parliament Adopts EU General Data Protection Regulation; 12 Steps Businesses Should Take Now
The European Parliament has voted to adopt the draft text of the General Data Protection Regulation (GDPR), which imposes enhanced requirements on organizations processing personal data in the European Union and transferring data from the EU. The April 14, 2016, vote completed the four-year legislative process for adoption of the GDPR, which is expected to take effect in mid-2018 and will replace
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EU-U.S. Privacy Shield Framework Text Published: Imposes New Obligations on U.S. Entities that Seek Data Transfers from the EU
The European Commission (EC) has released details of the EU-U.S. Privacy Shield, a new framework under which personal data may be transferred from the European Union (EU) to the United States. The Privacy Shield replaces the Safe Harbor framework, which was invalidated by the Court of Justice of the European Union in October 2015.
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From Safe Harbor to Privacy Shield: New EU-U.S. Agreement for Transatlantic Data Flows
The European Commission (EC) and the U.S. Department of Commerce have reached an agreement to create a framework for transfers of personal data from the European Union to the United States. The framework, named the EU-U.S. Privacy Shield, will replace the EU-U.S. Safe Harbor Framework, which was invalidated by the Court of Justice of the European Union in October 2015.
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Court of Justice of the European Union Invalidates U.S. Safe Harbor Framework
The Court of Justice of the European Union (CJEU) has held that the EU Commission's decision establishing the Safe Harbor data transfer framework is invalid because the Commission failed to determine that the protection afforded to privacy under U.S. law is adequate. The Court also held that national data protection authorities (DPAs) may oversee and suspend data transfers that they do not...
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European Court of Justice May Invalidate Safe Harbor Framework
In a landmark decision that threatens to undo the process by which American companies handle personal data flowing from the European Union, the Advocate General (AG) of the European Court of Justice (ECJ) issued an advisory opinion last week holding that the Safe Harbor Framework does not provide adequate protection to personal data and should therefore be declared invalid.