Featured Europe

Romanian justice minister resigns after losing party support

AP — Romania’s justice minister says he is resigning after losing the support of the governing Social Democratic Party. Tudorel Toader says in a statement Thursday he decided to present his resignation to Prime Minister Viorica Dancila despite declaring hours earlier that he would stay in his post. Toader’s downfall… Read More

In 2018 Audit, Deutsche Bank Saw High Risk of Ties to Russian Money Laundering

Deutsche Bank “very likely” processed illicit transactions linked to a massive Russian money laundering network that the lender was unaware of until media reports of it surfaced, a leaked audit report concluded last year. The “strictly confidential” report by the bank’s supervisory board audit committee determined that the institution’s… Read More

EU banking watchdog clears Estonian, Danish regulators over Danske Bank

The European Union banking watchdog said on Wednesday that its investigation into financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank did not find any breach of EU law. Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank… Read More
18th April 2019
Bill Browder, an investor who campaigns to expose corruption, has taken a criminal complaint against Swedbank to Latvian authorities, alleging it was involved in a Russian money laundering scandal. Swedish broadcaster SVT reported in March that Swedbank processed gross transactions worth up to 20 billion euros a year from high-risk,… Read More
18th April 2019
The uncle of Syrian President Bashar al-Assad will stand trial in France for allegedly acquiring millions of euros worth of French property assets using funds diverted from the Syrian state, a judicial source said on Wednesday. Rifaat al-Assad is a former military commander, widely held responsible for crushing an Islamist… Read More
17th April 2019
EU lawmakers on Tuesday adopted measures to task the European Banking Authority (EBA) with fighting money laundering, empower prudential regulators to better address financial crime risks and protect whistleblowers. Under a legislative resolution to strengthen the bloc’s supervisory authorities, the EBA would take a “leading, coordinating and monitoring role at… Read More
17th April 2019
A year after closing one of its largest banks for money laundering and the detention of its central bank governor for alleged bribery, Latvia is struggling to deal with the fallout from the corruption scandal. The country’s new government, formed in January after months of political deadlock, is trying to… Read More
17th April 2019
AP — Turkey “expects” the Trump administration to grant it waivers from U.S. sanctions related to its purchases of Iranian oil and Russian air defenses, a top aide to Turkish President Recep Tayyip Erdogan said Tuesday. Presidential spokesman and senior adviser Ibrahim Kalin told a news conference he couldn’t be… Read More
17th April 2019
Russia may need to spend another $10 billion in the next two or three years to continue a banking sector clean-up, which has already required eight times as much, Fitch rating agency said on Tuesday. Russia started cleaning up its banking sector in 2013 after President Vladimir Putin appointed Elvira… Read More
16th April 2019
A UniCredit Group affiliate bank will plead guilty to US federal and state criminal violations and pay $1.3 billion to regulatory and prosecutorial agencies to resolve breaches of sanctions against Iran and other nations, officials disclosed. Under terms of a non-prosecution agreement with the US Justice Department, the group’s German… Read More
16th April 2019
The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More
16th April 2019
France will push for the European Union to adopt a regulatory framework on cryptocurrencies similar to the one it brought in last week at a national level, becoming the first major country to do so, French Finance Minister Bruno Le Maire said on Monday. The French parliament last week approved… Read More
16th April 2019
UBS shareholders should oppose discharging the board and top management of Switzerland’s biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said. “A vote against the formal discharge of the board of directors and senior management is warranted on… Read More