AML/CTF Circular 21/788 issued by Luxembourg regulator CSSF
In January 2024, the European Commission effectively concluded its evaluation of eleven pre-existing adequacy decisions.
These decisions were made in accordance with EU data protection legislation before the implementation of the General Data Protection Regulation (GDPR).
The Commission concludes in the Report on the first review of the functioning of the adequacy decisions adopted pursuant to Article 25(6) of Directive 95/46/EC that adequate data protection safeguards continue to apply to personal information transferred from the European Union to Switzerland, Andorra, Argentina, Canada, the Faroe Islands, Guernsey, the Isle of Man, Israel, Jersey, New Zealand, and Uruguay.
Consequently, the adequacy judgements that were approved for the aforementioned eleven countries and territories persist, allowing unrestricted data transmission to these jurisdictions. The assessment has revealed that the data protection frameworks in these territories and countries have exhibited increased alignment with the framework of the European Union, thereby fortifying the safeguarding of personal data within their respective jurisdictions.
The GDPR has prompted positive changes, including establishing additional rights for individuals, strengthening the autonomy and authority of authorities tasked with enforcing privacy laws, and modernizing regulations pertaining to international transfers.
Source:
Report on the first review of the functioning of the adequacy decisions adopted pursuant to Article 25(6) of Directive 95/46/EC | European Commission (europa.eu)
EU review of 11 existing adequacy decisions (europa.eu)
