14th February 2019
Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More
14th February 2019
Rising bad loans and a big investment in improving anti-money-laundering controls pushed fourth-quarter net profit from Dutch bank ABN Amro way below analysts’ expectations, prompting a sell-off in its shares. Net profit plunged 42 percent to 316 million euros (278 million pounds) from 542 million euros a year earlier. That… Read More
14th February 2019
AP — Cyprus has strengthened the eligibility rules for a lucrative “golden passport” program that grants the document to wealthy foreign investors, ruling out applicants who already were turned down by another European Union country with a similar policy, a government official said Wednesday. The EU… Read More
14th February 2019
Drug kingpin Joaquin ‘El Chapo’ Guzman Loera, who is estimated to have generated billions in illicit proceeds, has been found guilty of all 10 counts against him, including participating in a money laundering conspiracy and narcotics trafficking. Also known as ‘El Rapido,’ Guzman was convicted on Tuesday by a federal… Read More
13th February 2019
Precious metal dealers in Singapore will have to conduct stricter customer due diligence checks (CDD) and submit details of suspicious transactions, under new measures to combat money laundering and terrorism financing. Law Minister Edwin Tong, in a Second Reading speech on the Precious Stones and Precious Metals (Prevention of Money… Read More
13th February 2019
Finance ministers from smaller European Union states on Tuesday opposed a plan to limit governments’ power to block EU reforms on tax matters, in a move that further reduces the chances of introducing an EU levy on large digital firms. EU countries with smaller populations have for years blocked efforts… Read More
13th February 2019
Police in France and Italy have swooped in on suspected members of a gang that operated a ‘complex’ network which involved moving dirty cash to Algeria from Europe. The criminal cash flows are estimated at €5 to €7 million per month. “Money originating mainly from drug trafficking and tax evasion… Read More
13th February 2019
The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More
12th February 2019
Senior executives could be jailed for several years if they mismanage workers’ pension schemes under new plans announced by the British government. The move follows efforts to toughen the state’s approach against the abuse of pension funds, following high-profile pension scheme failures such as at retailer BHS and construction firm… Read More
12th February 2019
Iranian President Hassan Rouhani said on Monday that Iran was determined to expand its military power and ballistic missile programme despite mounting pressure from hostile countries to curb Iran’s defensive work, state TV reported. “We have not asked and will not ask for permission to develop different types of …… Read More