19th June 2019
A state-backed cyber-attack could secretly corrupt the records of British financial institutions over a period of months, posing a risk that banks would probably struggle to guard against on their own, a senior Bank of England policymaker said. Banks have focused mainly on stopping service outages, but the falsification of… Read More
18th June 2019
Albania’s parliament approved a series of laws on Monday aimed at plugging holes in legislation against money laundering as part of efforts to persuade the European Union to launch accession talks. The EU is expected to decide by September whether to open membership talks with Albania and North Macedonia. Diplomats… Read More
17th June 2019
AP — Major European nations are considering imposing sanctions on Venezuela’s Nicolás Maduro and several top officials for their recent crackdown on political opponents, although divisions remain over the timing of any action for fear of derailing a negotiated exit to the country’s crisis, The Associated Press has learned. The… Read More
17th June 2019
The Caribbean island of Dominica has been removed from a European Union list of tax havens, the EU said on Friday. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. The EU said 11 jurisdictions… Read More
17th June 2019
The government of Canada has agreed to take new steps to fight money laundering, including launching a consultation on corporate transparency requirements and allocating more funding for law enforcement. The measures, announced in Vancouver on Thursday, will direct an additional $10 million CAD for the Royal Canadian Mounted Police… Read More
14th June 2019
Senior politicians have lambasted Britain’s financial watchdog for failing to take action against RBS or its former executives for past mistreatment of small business customers. The Financial Conduct Authority (FCA) said it was sticking by its decision not to apply penalties for actions of RBS’s former turnaround unit, the Global… Read More
14th June 2019
Latvia’s parliament on Thursday passed a bill aimed at strengthening control over the financial watchdog as the Baltic state moves to distance itself from a series of scandals that have hit the banking sector in recent years. The country’s new government, formed in January after months of political deadlock, hopes… Read More
14th June 2019
AP — The U.S. Education Department has opened investigations into foreign funding at Georgetown University and Texas A&M University as part of a broader push to monitor international money flowing to American colleges. Both universities are being ordered to disclose years of financial records amid concerns they have not fully… Read More
13th June 2019
Australia’s financial crime watchdog said it will audit buy-now-pay-later provider Afterpay Touch Group Ltd to ensure it was complying with anti-money-laundering and counter-terrorism financing laws, sending the company’s shares down. “The audit will help identify if Afterpay has developed and implemented the systems and controls it needs to ensure it… Read More
13th June 2019
Investment banks and other firms participating in UK capital markets must do more to understand their potential exposure to money laundering, according to the Financial Conduct Authority (FCA). In a thematic review published Tuesday, the FCA found that most financial institutions involved in the trading of shares, derivatives, bonds… Read More