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Lithuania And Netherlands Move Towards Instant Payments Regulation
Both Lithuania and the Netherlands have made moves regarding the implementation of the EU’s Instant Payments Regulation (IPR).
In Lithuania, the government has proposed amendments to the Settlement Finality in Payment and Securities Settlement Systems Law, which would allow payment institutions (PIs) and e-money institutions (EMIs) to directly participate in payment systems without intermediaries. Additionally, the amendments would remove existing restrictions on system operators, aligning the law with European regulations on instant credit transfers.
Meanwhile, the Dutch government has launched a public consultation on the “Implementing Act and Implementing Decree on the Regulation on Instant Transfers”.
This initiative is part of the process of enacting the IPR in national law, and interested parties have until October 20, 2024 to provide feedback on the draft legislation through the ministry's consultation forum.
Sweden's FIU Warns Of Crypto Market's Role In Money Laundering
The Swedish Police Authority’s Financial Intelligence Unit (FIU Sweden) has released a new report highlighting the growing threat of unlicensed crypto exchange providers acting as professional money launderers (PMLs).
According to the report, these individuals are key players in converting criminal proceeds into cryptocurrencies or vice versa, facilitating money laundering for organised crime.
The report identifies four main subgroups of illicit crypto providers, ranging from those deeply embedded in criminal networks to those openly operating on peer-to-peer platforms, with FIU Sweden warning that these providers are difficult to detect and disrupt, presenting significant challenges for law enforcement.
To combat this issue, the report calls for enhanced supervision and monitoring, urging the Swedish Financial Supervisory Authority (FSA) to strengthen regulations on unlicensed providers. Banks and legitimate crypto platforms are also encouraged to remain vigilant against suspicious activities.
