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EU agrees steps toward tighter money-laundering supervision

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

228 Arrested in Global Crackdown on Money Laundering: Europol

More than 200 people have been arrested in 31 countries following a three-month global investigation into money laundering, Europol said Wednesday. The investigation, known as the European Money Mule Action, targeted those who help money launderers transfer funds. The action resulted in 228 arrests, as well as identifying 3,833 mules… Read More

MEP calls on EU to initiate suspension procedures against Malta

The European Commission should open an investigation into the rule of law. Preparations must now be made for Article 7 proceedings against Malta, MEP Sven Giegold said today. Article 7 of the Treaty on European Union is a procedure to suspend certain rights from a member state. At the end of the two-day… Read More

4th December 2019

Europe’s Finance Chiefs to Call for Anti-Money Laundering Agency

Europe’s finance chiefs are to confront a wave of money-laundering scandals within the banking industry by recommending that a regional agency be formed to prevent such crimes. Officials will call on the European Commission, the EU’s executive arm, to further consider and make a proposal for setting up a common… Read More

3rd December 2019

EU pressures Malta over Bank of Valletta ‘golden passport’ clients

The European Commission has asked Malta to clarify how it intends to address Bank of Valletta’s shortcomings over its monitoring of foreign customers who applied to buy Maltese citizenship under a so-called “golden passport” scheme. Malta, with a population of only 420,000, has sought to attract foreign capital with schemes… Read More

3rd December 2019

Dutch Crypto Startups Brawl With Regulators Over Scope of EU Money Laundering Rule

Dutch crypto startups are crying foul as regulators in the Netherlands look to implement the European Union’s 5th Anti-Money Laundering Directive (AMLD5) ahead of a Jan. 10 deadline. The firms, which include exchanges and software developers, say authorities are subverting the democratic process and trying to right past wrongs that… Read More

2nd December 2019

As Juncker bids farewell, new EU executive begins with scrutiny over Luxembourg tax

Officials from the new European Commission will discuss a report by International Monetary Fund researchers that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive’s helm. Vice-President Margrethe Vestager and tax commissioner Paolo Gentiloni will on Monday meet… Read More

27th November 2019

Securing the Integrity of the EU’s Financial System is Overdue – Why is Progress so Slow?

It is said that if you place a frog in water and slowly raise the temperature to boiling, it will fail to act until it is too late. I don’t know if this is true; I’d certainly never wish to test the theory. But the metaphor is apt for what… Read More

27th November 2019

Cannabis sales in EU raise $13 billion for crime gangs

Europeans spent at least 11.6 billion euros ($12.7 billion) in 2017 on illegal cannabis purchases, confirming marijuana as the largest drugs market in the 28-country European Union, the bloc’s anti-drugs agency said on Tuesday. In its annual report, the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) said the… Read More

26th November 2019

Despite Scandal, Cyprus Will Keep Selling Golden Visas, EU Passports

Cyprus has no plans to stop selling Golden Visas to rich foreigners who invest in the country despite the government’s admission there were laws that let them acquire residency permits and European Union passports without being property vetted – leading to 26 being removed. Cypriot Interior Minister Constantinos Petrides said… Read More

22nd November 2019

EU lawmakers urge probe into Malta’s top bank after ECB flags dirty-money risks

European Union lawmakers urged Maltese and EU authorities on Thursday to investigate Malta’s top lender after the European Central Bank (ECB) found its risk monitoring had “severe shortcomings” that could have allowed money laundering or other criminal activities. Reuters reported on Wednesday about a confidential ECB review of Bank of… Read More

22nd November 2019

Anglo Austrian Bank Freezes Revocation of its Banking Licence

The General Court of the European Union on Wednesday gave a reprieve to Austria’s former Meinl Bank (now called Anglo Austrian Bank), allowing it to keep its banking license pending further court action. Last week the European Central Bank withdrew Anglo Austrian’s license. The bank immediately said it would take… Read More

21st November 2019

ECB flags failings in dirty-money screening at Malta’s top bank

Malta’s biggest bank failed for years to detect or address risks involving thousands of payments, the European Central Bank (ECB) said, detailing “severe shortcomings” that could have allowed money laundering or other criminal activities. A confidential ECB report seen by Reuters said Bank of Valletta (BoV) BOV.MT had not dealt… Read More

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