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Refereeing Football: The EU’s Yellow Card for Money Laundering

Professional football clubs and players’ agents will be required to report suspicious transactions to the police or face criminal sanctions, just like banks, if radical measures proposed by the European Commission are adopted. These measures are recommended in the Staff Working Document that accompanied the Commission’s recently published Supranational Risk… Read More

EU to Revisit Stalled Money Laundering Blacklist: FT

The European Commission will revisit plans to publish a list of non-EU jurisdictions deemed to be particularly vulnerable to money laundering, an official from the economic bloc told the Financial Times. The incoming commission is expected by October to unveil an overhauled methodology on how to draft the blacklist of… Read More

Latvian bank that accused central bank head to be wound up: ECB

The Latvian lender which accused the country’s central bank head of corruption is failing and will be shut down, European banking authorities said on Thursday. PNB Banka, one of the smallest lenders under ECB supervision with just 550 million euros of assets, has seen “significant deterioration in its capital situation… Read More

16th August 2019

ECB Takes Hacked Website Offline

The European Central Bank, which supervises data protection at Europe’s largest banks, said Thursday that it temporarily shut down one of its websites after it was hacked and injected with a malicious software. The site, called BIRD, which provides the banking industry with information on how to produce statistical and… Read More

16th August 2019

Bank Records Link President of Cyprus to ‘Troika Laundromat’

As president of Cyprus, Nicos Anastasiades has worked to strengthen his country’s relationship with Russia while dealing with international criticism of its lax financial and money laundering controls. But several years before his 2013 election, a law firm he established and co-owned, and in which he was a partner at… Read More

15th August 2019

ECB tells UK banks to speed up staff moves to EU as Brexit looms

UK banks are significantly behind schedule in moving staff to the European Union ahead of Brexit and risk being caught off guard if Britain leaves without a deal, the European Central Bank said on Wednesday. Many London-based banks are having to expand their EU operations to continue doing business in… Read More

14th August 2019

EU Members Adopt Tougher Crypto Rules Than AML Directive Requires

Europe is gradually tightening the rules for the crypto space. A wave of new regulations are introducing stricter requirements for companies operating in the industry and cryptocurrency users are going to feel the difference in the coming months. The measures stem from the obligation of member states to transpose EU’s… Read More

31st July 2019

Trump administration will again waive nuclear sanctions on Iran

After an internal policy battle, the Trump administration is set to announce later this week that it will once again waive five different nuclear-related sanctions on Iran, preserving a key part of the Obama-era Iran nuclear deal. The decision will upset Iran hawks in Washington and be welcomed by Russia, China,… Read More

31st July 2019

How banks AREN’T worried about Brexit: Shock data suggests bankers seem ready for exit

The Brexit deadline is just five weeks away, and new Prime Minister Boris Johnson and the EU are already in a stalemate, as neither wants to budge to meet the other. This could result in a no-deal Brexit, and today Michael Gove is chairing the first daily meeting of the… Read More

30th July 2019

Barclays, JP Morgan among banks facing UK class action over forex-rigging

Barclays (BARC.L), JP Morgan (JPM.N), RBS (RBS.L), UBS and Citigroup (C.N) are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain. The claim, estimated to be worth more than… Read More

26th July 2019

Free ports favoured by Boris Johnson are money-laundering threat – EU

The Singapore-style tax-free zones favoured by Boris Johnson have been identified as a money-laundering threat by Brussels. In a report on money laundering, the European commission named free ports for the first time as a concept “potentially vulnerable to money laundering or terrorism financing” in the… Read More

26th July 2019

Doubts mount over UK finance sector’s access to EU after Brexit

Direct access for Britain’s financial sector to the European Union after Brexit is increasingly under threat as political will for an industry deal fades and the bloc toughens requirements for recognizing other countries’ financial rules. The EU is the City’s biggest customer, with financial services exports worth 26 billion pounds… Read More

26th July 2019

European Commission Calls for Tougher Action on Money Laundering

The European Commission on Wednesday called for new measures to prevent money laundering in the economic bloc, citing recent bank scandals and fragmented supervision of multinational financial institutions. In four reports, the EU executive recommended improving coordination among national financial intelligence units, bolstering regulatory and supervisory standards for cross-border… Read More

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