Featured EU - European Union

European governments move to veto Facebook’s digital money

Major European players are joining forces to block Facebook’s proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday. The firm opposition from France, Italy and Germany added to the mounting resistance faced by the tech giant’s troubled foray into… Read More

Estonia Says It’s Entitled to Majority of Money Laundering Fines

Estonia should get the “majority” of fines that banks under investigation for their roles in Europe’s biggest money-laundering scandals are likely to face, Finance Minister Martin Helme said. “We are talking about hundreds of millions at least, possibly about billions,” Helme said in a post on his Facebook page. Read More

MEP calls for stronger EU anti-money laundering efforts amid Deutsche Bank withdrawals

The withdrawal of Deutsche Bank from five eurozone countries, including Malta, shows the European Banking Union needs to up its game in the fight against money laundering, Sven Giegold said. The MEP said it was “an embarrassment” for the EBU when credit institutions withdraw from euro countries because of money… Read More
14th October 2019
European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10% of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year. In a report, the Commission said taxpayers in the Mediterranean islands of Cyprus… Read More
11th October 2019
The European Union is considering tighter rules to counter the flow of dirty money into the region’s banks and other economic sectors, EU officials said on Thursday. Following a spat of money-laundering scandals at several lenders that highlighted weak oversight by national authorities, the EU is also considering setting up… Read More
11th October 2019
Pressure on the UK’s art trade is increasing as it faces a wave of legislative changes and increased attention from enforcement agencies. As UK courts introduced new sentencing guidelines for criminal damage to heritage assets on 1 October, the trade was counting down to the anti-money-laundering regulations that are coming… Read More
11th October 2019
The Cayman Islands said on Wednesday it would make public information on the beneficial ownership of companies, prompting anti-corruption campaigners to call on other offshore jurisdictions to follow suit as part of a global crackdown on money-laundering. The Cayman Islands government said it expected public registers of beneficial ownership –… Read More
10th October 2019
The European Union is working on a new approach for flagging countries with weak anti-money-laundering laws after the bloc’s previous attempt to create a blacklist failed earlier this year. A newly proposed methodology for designating high-risk countries is aimed at addressing concerns about transparency in the previous process, according… Read More
10th October 2019
If Britain hasn’t secured a deal to leave the European Union as the clock ticks past 11 p.m. on Oct. 31, billions of data transfers could be thrown into legal limbo. Though not as visible as lines of trucks backing up at ports, disruption to data would affect more of… Read More
9th October 2019
The European Union’s finance commissioner pledged on Tuesday to propose new rules to regulate virtual currencies, in a reaction to Facebook’s (FB.O) plans to introduce Libra, which the EU considers a risk to financial stability. France and Germany have said that Libra, whose size would dwarf cryptocurrencies such… Read More
7th October 2019
The U.K.’s withdrawal from the European Union is complicating the bloc’s fight against money laundering in the financial system, according to EU authorities. Firms relocating from Britain could overwhelm the national bodies that supervise anti-money laundering systems, the three EU financial regulators said in a joint report published Friday. Read More
7th October 2019
AP — The conflict between Iran and the U.S. that has created tensions throughout much of the Middle East is now also being felt in Lebanon, where Washington has slapped sanctions on the Iran-backed Hezbollah and warned they could soon expand to its allies, further deepening the tiny Arab country’s… Read More
7th October 2019
The government said it would further intensify and combat money laundering at its Cabinet sitting on Thursday after it received an overview of developments in the prevention of money laundering. Prime Minister Juri Ratas described combating money laundering as being of utmost importance for Estonia. He said the reliability of… Read More