Earlier this week the European group of national data protection authorities, collectively the Working Party 29 (“WP 29”), released a new opinion on data protection issues relating to the prevention of money laundering and terrorist financing.  The new paper features a slew of new recommendations from the WP 29 that are designed to enhance privacy and data protection in this area.  Among the most prominent of the recommendations are proposals to:

  • review the overarching framework of anti-money laundering and anti-terrorist financing laws at the EU and national levels to ensure compatibility with privacy rights and data protection; 
  • increase EU harmonisation of anti-money laundering and anti-terrorist financing laws, in part to enshrine the “purpose limitation principle” that stands behind data retention, protection and privacy laws; 
  • provide clearer and enhanced guidance for bodies involved in the collection and processing of personal data where terrorist financing or money-laundering issues are prominent; 
  • better balance “tipping off” rules to enhance compatibility with data protection; 
  • introduce “stress tests” for organisations that use BCRs; 
  • introduce “required benchmark” tests for adequacy findings for international transfers; and 
  • improve coordination between financial authority regulators, data protection authorities and financial intelligence units.

Although scant detail is given, the paper ends with a promise by WP 29 to “follow up” on the proposals.

Tags: Data Protection, European Union (EU), Working Party 29
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Photo of Dan Cooper Dan Cooper

Daniel Cooper is co-chair of Covington’s Data Privacy and Cyber Security Practice, and advises clients on information technology regulatory and policy issues, particularly data protection, consumer protection, AI, and data security matters. He has over 20 years of experience in the field, representing…

Daniel Cooper is co-chair of Covington’s Data Privacy and Cyber Security Practice, and advises clients on information technology regulatory and policy issues, particularly data protection, consumer protection, AI, and data security matters. He has over 20 years of experience in the field, representing clients in regulatory proceedings before privacy authorities in Europe and counseling them on their global compliance and government affairs strategies. Dan regularly lectures on the topic, and was instrumental in drafting the privacy standards applied in professional sport.

According to Chambers UK, his “level of expertise is second to none, but it’s also equally paired with a keen understanding of our business and direction.” It was noted that “he is very good at calibrating and helping to gauge risk.”

Dan is qualified to practice law in the United States, the United Kingdom, Ireland and Belgium. He has also been appointed to the advisory and expert boards of privacy NGOs and agencies, such as the IAPP’s European Advisory Board, Privacy International and the European security agency, ENISA.

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