Featured EU - European Union

Reliance sends fuel from India, Europe to Venezuela to sidestep U.S. sanctions

India’s Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its U.S.-based subsidiary before Washington… Read More

UK banks moving over 1 trillion euros of assets to EU over Brexit – ECB

Seven big banks are moving around 1.2 trillion euros (1.03 trillion pounds) of assets from Britain to the euro zone as part of their preparations for Brexit, European Central Bank supervisor Ignazio Angeloni told Bloomberg. “We expect seven significant institutions to come under ECB supervision at the outset, of which… Read More

Brexit hits ability of UK fintech to lure top talent: report

Leaving the European Union is making it harder for fintech firms in Britain to recruit top talent, a report said on Tuesday, threatening to slam the brakes on a 7 billion pound ($9 billion)growth sector just as EU states step up competition. The Fuelling Fintech report from TheCityUK, which promotes… Read More
19th March 2019
Russia will respond to new European Union sanctions, its foreign ministry said on Saturday, without saying what action it would take. The EU on Friday added eight more Russians to its sanctions list over a stand-off between Russia and Ukraine in the Azov Sea, including senior security service officials and… Read More
18th March 2019
AP — As the Hungarian prime minister’s conflicts with the European Union appear headed to a breaking point, calls are increasing for greater scrutiny of his government’s spending of the bloc’s funds. An opposition lawmaker in Hungary has gathered more than 470,000 signatures to pressure Prime Minister Viktor Orban into… Read More
18th March 2019
Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
15th March 2019
A high share of foreign deposits could be an indicator of money-laundering risks and should be reduced in states that fail to properly monitor them, European Union officials said, as the block grapples with a series of financial scandals at its banks. So-called non-resident deposits were very high in countries… Read More
15th March 2019
The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said. European Union governments updated a blacklist of tax havens this week, adding the… Read More
15th March 2019
AP — British lawmakers are trying to put the brakes on Brexit — at least for now. The U.K. Parliament voted Thursday 413 to 202 to ask the European Union to delay the U.K.’s exit from the bloc beyond the scheduled date of March 29. The… Read More
15th March 2019
Denmark’s financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. “The Financial Supervisory Authority (FSA) estimates that the branch’s inherent risk of being misused for money laundering or… Read More
14th March 2019
The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states. The new additions include Bermuda and the UAE. “Those jurisdictions did not implement the commitments they had made to the EU by… Read More
14th March 2019
In recent years the European Union has looked to flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and other industries across the… Read More
13th March 2019
European lawmakers and member states have agreed on a new set of rules which will guarantee whistleblowers protection against demotion and dismissal when they report money laundering, tax fraud and other financial crimes. Under the provisional regulations setting EU-wide standards of protection, whistleblowers will be protected in judicial proceedings. Read More