9th December 2019
A group of European Union countries is calling for the bloc to cast a wider net when listing tax havens and to consider imposing stricter sanctions for countries facilitating tax avoidance, according to an EU document and an EU official. The document, prepared by the Danish government and seen by… Read More
9th December 2019
A fund in which the Vatican’s Secretariat of State has invested tens of millions of euros has links to two Swiss banks investigated or implicated in bribery and money laundering scandals involving more than one billion dollars. The fund is under investigation by Vatican authorities. The fund, Centurion Global Fund,… Read More
9th December 2019
Westpac has not completed a comprehensive external audit of how it manages risk in more than two years, with the last review finding the bank’s systems were only “partially effective”. In a letter to Westpac’s then chief risk officer Alexandra Holcomb in August 2017, audit firm EY said the design… Read More
9th December 2019
European Union finance ministers on Thursday backed plans for greater powers to combat money laundering after a series of revelations about large amounts of dirty money flowing through European banks. The EU last year experienced its largest money-laundering scandal when it emerged that 200 billion euros ($220 billion) in suspicious… Read More
6th December 2019
Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit. The bank asked Geneva prosecutor Yves Bertossa to seal the report, which he is legally… Read More
6th December 2019
Over 300 reports of suspicious transactions at Satabank worth in excess of €130 million have been flagged by global services firm EY since it was entrusted to administer the bank’s assets by the financial regulator. The move had followed the suspension of the bank’s licence by the Malta Financial Services… Read More
5th December 2019
The Trump administration is moving forward on calls to classify Mexican drug cartels as terrorist organizations after the killing of nine U.S. citizens in Mexico, with top officials seeking to reach a decision this week, according to three people familiar with the matter. President Donald Trump is scheduled to meet… Read More
5th December 2019
A Russian wire transfer service popular among Tajik migrant labourers has been cut off from the Central Asian nation’s banking system, it said on Wednesday, after Dushanbe rerouted all remittances into a new processing centre. More than a million Tajiks work in Russia, sending home about $2.6 billion a year… Read More
4th December 2019
U.S. financial regulators need to issue additional guidance for bank examiners charged with reviewing how lenders monitor accounts held for money transmitting businesses, the Government Accountability Office (GAO) said Tuesday.  In a 79-page report on why banks have shed accounts for the firms in recent years, the GAO concluded… Read More
4th December 2019
Banks are no longer required to file suspicious activity reports on customers who cultivate hemp, industry regulators said. A group of financial regulators on Tuesday clarified the compliance requirements for banks whose customers produce hemp, a variety of the cannabis plant that is often used for its fiber… Read More