CMS expert guide to Anti-Money Laundering and Counter Terrorist Financing in CEE

07 October 2020

In order to maintain the integrity of financial markets and prevent corruption and terrorism, governments must take a robust approach to money laundering and terrorist financing in step with a coordinated global strategy.

The European Commission and other international organisations have issued directives and guidances with standard rules and regulations supporting these approaches. The Commission requires EU member states to implement effective anti-money laundering and counter-terrorist financing legislation and promotes the adoption of global solutions at the international level. More and more countries have joined international bodies tasked with combating money laundering and terrorist financing and are complying with their binding standards.

The situation in Central and Eastern Europe (CEE) impacts the rest of Europe since some CEE countries are strategically located as entry points into Europe, making their strict observance of standards and efficient enforcement of regulations absolutely crucial. In this report, CMS experts have looked into the key topics covering 12 CEE countries: Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.

We provide an overview on the relevant acts and regulations, details on the supervising authorities in each jurisdiction, the reporting entities and their obligations. We also outline the criminal, regulatory and other risks that businesses may face in case of non-compliance with local AML and CTF laws.

This information in this publication is in line with the implementation in CEE of the 4th AML Directive and the 5th AML Directive.

For detailed legal advice, please contact your regular CMS relationship partner or our experts specified in the publication.

Click on this link to access the guide.

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