18th December 2018
The European Central Bank (ECB) will take over the direct supervision of the Irish units of Barclays and Bank of America Merrill Lynch following an anticipated increase in size due to Brexit, the supervisor said. Banks that are considered to be ‘significant’ are directly supervised by the ECB, whereas less… Read More
17th December 2018
European Parliament and Council of the EU negotiators have reached an agreement on new measures aimed at boosting the fight against fraud involving non-cash means of payment, including credit cards, online shopping and virtual currencies such as bitcoin. The agreed text of the directive on combating fraud and counterfeiting of… Read More
17th December 2018
Berlin plans to cut to 10 percent the threshold at which it can launch national security probes of stake purchases by non-European companies in German firms, business newspaper Handelsblatt reported on Sunday. The decision follows years of mounting concern at the risk posed to the German economy by cash-rich Chinese… Read More
14th December 2018
The European Commission has put together a proposal aimed at tackling tax fraud, which entails improved co-operation between tax authorities and credit cards firms, as well as other e-money companies. The proposed rules establish quarterly information-sharing obligations for providers, which will allow member state anti-fraud specialists (the ‘Eurofisc’ network) to… Read More
14th December 2018
A network of favorable tax treaties and an industry devoted to minimizing tax bills has made the Netherlands the conduit for an annual flow of capital five times the size of its own economy, new research showed on Thursday. Statistics Netherlands published the data for the first time — based… Read More
11th December 2018
The United Kingdom has announced new measures it says will boost transparency and tackle the misuse of Scottish limited partnerships (SLPs), following a consultation on reforming limited partnership law and a number of high-profile money laundering scandals. Under the proposals, individuals registering limited partnerships (LPs) must demonstrate that they are… Read More
11th December 2018
Israel has become a full member of the Financial Action Task Force (FATF), making it the 38th member of the global anti-money laundering body. The jurisdiction has ‘worked to meet the requirements’ for full membership, which includes undergoing a successful mutual evaluation. “Since the start of its observership in February… Read More
10th December 2018
The governor of the Reserve Bank of India, Urjit R. Patel, has announced his resignation from the post with immediate effect. Patel said he was resigning because of ‘personal reasons.’ The development comes amid reports of a growing split between the government and the central bank. “It has… Read More
10th December 2018
A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More
7th December 2018
Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organised crime and money laundering. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over… Read More