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Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results

Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More

Teenager who joined IS group in Syria to lose UK citizenship

Shamima Begum, a teenager who left London when she was aged 15 to join Islamic State in Syria, has had her British citizenship revoked, according to a letter sent to her family published by ITV News on Tuesday. Begum, who gave birth to a son at the weekend, was discovered… Read More
20th February 2019
AP — The Trump administration lashed out at some of America’s closest traditional allies Thursday, accusing Britain, France and Germany of trying to bust U.S. sanctions against Iran and calling on European nations to join the United States in withdrawing from the Iranian nuclear deal. In… Read More
20th February 2019
Uganda accused the country’s biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda’s Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the… Read More
20th February 2019
AP — President Donald Trump said Tuesday that he wants to see North Korea eventually give up its nuclear weapons program, but adds he’s not in any rush because U.S. relations with Pyongyang are good going into next week’s summit. “I have no pressing time schedule,” Trump said. Trump said… Read More
20th February 2019
Berlin will stop extraditing Germans to Britain immediately after Brexit even if it leaves the European Union with a deal, the Financial Times reported on.ft.com/2DPMBED on Sunday, citing a formal notification submitted by Germany to the European Commission last week. By Kanishka Singhm, Reuters, 17 February 2019. Link to… Read More
20th February 2019
Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More
20th February 2019
AP — Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs… Read More
19th February 2019
Germany has opened a consultation process on how to tap into the potential of blockchain technology ahead of presenting a strategy by the summer, government sources said on Monday. Berlin is a hub for startup companies of which around 170 in one way or another look at blockchain, the distributed… Read More
19th February 2019
Serial production of Russia’s first post-Soviet mainline commercial aircraft will be delayed by a year due to U.S. sanctions, the head of state-owned industrial conglomerate Rostec said on Monday, Russian news agencies reported. Russia hopes the MS-21, a twin-engine, medium-range passenger plane, will give Boeing and Airbus a run for… Read More
19th February 2019
U.S. President Donald Trump on Monday warned members of Venezuela’s military who remain loyal to socialist President Nicolas Maduro that they are risking their future and their lives and urged them to allow humanitarian aid into the country. Speaking to a cheering crowd mostly of Venezuelan and Cuban immigrants in… Read More
19th February 2019
AP — British lawmakers issued a scathing report Monday that calls for tougher rules to keep Facebook and other tech firms from acting like “digital gangsters” and intentionally violating data privacy and competition laws. The report on fake news and disinformation on social media sites followed… Read More