Fighting Money Laundering and Terrorism Financing Across the Globe – US and EU Reform Legal Frameworks

The United States Congress kicked off the new year by enacting the Anti-Money Laundering Act of 2020, which became law only after both houses of Congress overrode then-President Trump’s veto of the proposed legislation. The Anti-Money Laundering Act is one of the most significant reforms since the USA Patriot Act of 2001 almost 20 years ago. The European Commission published an action plan in May 2020 to strengthen its Anti-Money Laundering legal framework around six key pillars. The Commission just released a new legislative proposal [to be confirmed on 12 May]. Both reforms will significantly change the shape of AML/CFT on both sides of the Atlantic.

Topics to be covered: 

US Anti-Money Laundering Act of 2020:
●  Newly created beneficial ownership registry for shell companies
●  Newly enhanced AML whistleblower program
●  Extension of U.S. subpoena power over foreign banks
●  Newly created crimes, collateral punishments, and increased penalties for AML violations
●  Application of AML regulations to virtual currency and to the antiquities market

Reform of the EU’s Anti-Money Laundering Framework:
●  The EU approach on Beneficial Ownership
●  A single EU rulebook
●  EU-level supervision
●  A stronger EU in the world

US-EU: potential for cooperation to strengthen AML/CFT at a global level?

Who should attend:
Employees, directors, and lawyers who represent U.S. and non-U.S. financial institutions should attend this panel discussion, as the new legislation affects financial institutions doing business in the United States, as well as foreign financial institutions that use correspondence accounts located in the United States.  In addition, those involved in establishing or using offshore shell companies to access the U.S. financial system should be aware of the Act’s plan to bring those companies into the reach of U.S. anti-money laundering laws.

SPEAKERS:
●  Matthew Moses, Partner, ORRICK
●  Amy Walsh, Partner, ORRICK [Moderator]
●  Martin Merlin, DG FISMA’s Director for Bank, Insurance and Financial Crime
●  Jasper Verhoog, Partner, AKD
●  Danielle Camner Lindholm, Director of National Security Policy, House Financial Services Committee

TIME:
10:00am EDT / 16:00 CET

REGISTRATION FEE:
EACCNY Members: Free
EACCNY non-Members: Free