1st February 2019
The European Commission has added Saudi Arabia to an EU draft list of countries that pose a threat to the bloc because of lax controls against terrorism financing and money laundering, two sources told Reuters on Friday. The move comes amid heightened international pressure on Saudi Arabia after the murder… Read More
31st January 2019
The European Commission has written to authorities in Germany and France, as well as eight other countries, for failing to completely transpose the EU Fourth Anti-Money Laundering Directive (4AMLD) into national law. The directive introduces key changes in the fight against money laundering, such as implementing central registers… Read More
30th January 2019
The European Commission has published the findings of its investigation into EU members’ citizenship and residency schemes. The probe revealed financial crime risks, such as money laundering and tax evasion, associated with the programmes. It also found that there exists a lack of transparency in how the schemes are… Read More
29th January 2019
AP — The Trump administration is closely eyeing efforts in Europe to set up an alternative money payment channel to ease doing business with Iran and avoid running afoul of sanctions the U.S. has levied on the Islamic republic. The White House is putting the Europeans… Read More
29th January 2019
The European Commission has urged member states to ensure that applicants for investor citizenship and residency, dubbed golden passports and golden visas respectively, comply with EU anti-money laundering rules after a new study revealed financial crime risks associated with the schemes. The ‘comprehensive’ study identified the existing practices and risks… Read More
28th January 2019
Europe’s data protection regulators have received more than 95,000 complaints about possible data breaches, eight months after the adoption of a landmark EU privacy law, the European Commission said on Friday. The General Data Protection Regulation (GDPR) gives new powers to privacy enforcers, allowing them to levy fines of up… Read More
28th January 2019
Lithuania has taken extra measures to prevent money-laundering after bank scandals in Latvia and Estonia which have harmed its reputation, its central bank Governor Vitas Vasiliauskas said. The euro-zone member has so far avoided any major financial scandals of its own but felt it needed to improve its safeguards, Vasiliauskas,… Read More
28th January 2019
Malaysia’s securities regulator said on Saturday it was looking into the conduct of auditors of 1Malaysia Development Bhd (1MDB), a state fund that was wound up after losing billions of dollars in a scandal that erupted under the country’s previous government. “The Securities Commission’s review of the conduct of… Read More
25th January 2019
European Union states are poised to back new rules to boost protection for whistleblowers who expose fraud, tax evasion, data breaches and other misdeeds, EU sources told Reuters. The move follows criticism from transparency campaigners about the lack of EU protection for individuals who report such breaches, citing the prosecution… Read More
24th January 2019
A group comprising the world’s top banks has published guidance on how financial institutions should carry out sanctions screening. The notes are derived from regulatory requirements and global industry best practice, it said. “[The guidance] is not intended to suggest all FIs should apply all elements in this… Read More